Mainland developer Sunac continued to dominate the headlines today, spending another 4 billion to buy a stake in a competitor, after buying 42 projects from Legend Holdings late last week. Also in the news, China’s largest sovereign wealth fund took a 20 percent stake in Melbourne’s port, and Europe’s AXA buys its way into the APAC real estate private equity market with an acquisition in Australia. Read on for all these stories and more.
Sunac China, the country’s fifth largest private property developer, has paid 4 billion yuan to buy a 17 per cent stake in Jinke Property to become its second largest shareholder.
Jinke is listed in Shenzhen and owns the largest land bank in Chongqing of any mainland listed companies. Sunac has bought 907 million Jinke shares at 4.41 yuan per share, a slight premium on Jinke’s average price in the past five trading days of 4.39 per share. Read more>>
The Australian state of Victoria has leased the port of Melbourne for $7.3bn (A$9.7bn) to a consortium led by the Queensland Investment Corporation (QIC), which also includes a Chinese sovereign wealth fund.
The sale price agreed was A$3.9bn higher than the original estimate for the deal, and was greeted by Daniel Andrews, the premier of Victoria, as “a A$9.7bn vote of confidence in the Victorian economy”. Read more>>
Singaporean sovereign wealth fund GIC is the frontrunner to buy European logistics firm Point Park Properties. A deal will see GIC buy a portfolio of 163 assets valued at more than €2.5bn (£2.1bn) made up of 35.5m sq ft and a development pipeline totalling 15m sq ft.
GIC is already a dominant player in the logistics market in Asia and the US through Singapore-listed Global Logistics Properties, in which it is the largest shareholder, and the acquisition of P3 marks a long-anticipated move into the sector in Europe. Read more>>
Global funds heavyweight AXA Investment Managers — Real Assets has leapt on to the Australian property stage with the purchase of Eureka Funds Management, announcing plans to use the $5 billion boutique business to dramatically expand its local footprint.
The European giant, which oversees a €65 billion ($95bn) empire, yesterday unveiled the long-rumoured deal, which will see the high-profile independent real estate house set up by five former Commonwealth Bank property executives brought into its global fold. Read more>>
Hong Kong conglomerate Wharf Holdings is turning the almost 50-year-old Murray Building on Cotton Tree Drive in Central, once the city’s tallest government building, into a luxury 27-floor hotel.
The land and building cost the company HK$4.4 billion to buy, and chairman and managing director Stephen Ng Tin-hoi said when The Murray hotel opens in October, 2017 the overall project will have cost a total HK$7 billion. Read more>>
Hang Lung Properties today announced plans to open a new five-star hotel in the heart of Shenyang. As part of the Forum 66 mixed-use development, the Conrad Shenyang hotel will occupy the upper 19 floors of the 67-story office tower, offering 360-degree panoramic views of the city’s skyline. Due to open in the first half of 2019, the hotel will have 315 exquisitely appointed guest rooms and suites.
Mr. Norman Chan, Director (Leasing and Sales) of Hang Lung Properties said, “We are excited to work with Hilton to introduce the esteemed Conrad brand to Shenyang, a debut that will appeal to business and leisure travellers alike.” Read more>>
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