US Fund Manager Said Looking to Sell BDx Data Centres and More APAC Real Estate Headlines

Asia Pacific data centres lead Mingtiandi’s look at real estate news from around the region today as a US private equity firm is said to be putting BDx on the market. Quebec also makes the headlines as it searches for someone to take over $1.5 billion in Chinese fund holdings and a Hong Kong condo site draws nine bids amid a nascent rebound in the city’s housing market. 

I Squared Said Looking to Sell BDx Data Centres

I Squared Capital is considering options for its Asian data centre business BDx, including a sale, according to people familiar with the matter, signalling another potential deal in an industry riding the artificial intelligence boom.

The global infrastructure investor is holding initial discussions with prospective advisors to evaluate a disposal, the people said, asking not to be identified discussing private deliberations. I Squared may seek a valuation of about $2 billion for BDx, the people said. Read more>>

La Caisse Said Selling $1.5B in China Fund Stakes on Secondary Market

Canadian pension manager Caisse de Depot et Placement du Quebec is looking to trim its China private equity exposure by selling fund stakes, according to people familiar with the matter.

The pension fund put a portfolio of assets up for sale in early February after a months-long effort to gauge investor interest and seek advisors, the people said, asking not to be identified discussing private conversations. Read more>>

Hong Kong Condo Site Draws Nine Bids of Up to $198M

Hong Kong’s tender for a 3,132 square metre (33,712 square foot) residential plot in Ngau Tau Kok, Kowloon East, has drawn nine bids, according to the Development Bureau. The site is estimated to be worth as much as HK$1.55 billion ($198 million), according to CBRE.

Sun Hung Kai Properties, Henderson Land Development and CK Asset Holdings submitted bids individually, while Sino Land and Great Eagle Holdings made a joint offer, the groups confirmed separately Friday. Read more>>

Scape Said to Walk Away From Deal to Buy Stake in Lendlease Senior Living Operator

Student housing provider Scape is believed to have walked away from a deal to buy retirement village operator Keyton after carrying out deep due diligence on the business before Christmas.

Scape was negotiating to buy a 25 percent stake in Keyton, after it was earlier thought that existing shareholder Aware Super could be an obstacle for a deal. Earlier, sources had said that Keyton’s part owner, Aware Super, opposed Scape being the owner because it would manage the business and charge fees for doing so, earlier thought to be around 0.5 percent. Read more>>

Emperor Sells Gold Bricks From Macau Casino Floor for $11.5M

Emperor Entertainment Hotel has sold 79 kilogrammes (174 pounds) of gold bricks that were laid out in the lobby of its Macau Grand Emperor Hotel, netting the hospitality and entertainment services provider a profit of HK$90.2 million ($11.5 million).

After ceasing casino operations at the end of last October, the gold bars no longer align with the Macau Grand Emperor Hotel’s new positioning, Emperor Entertainment said. In addition, the bricks were removed and sold due to the area requiring renovation and reconfiguration, it said. Read more>>

Sale of High Floor Unit in Hong Kong’s Bank of America Tower Shows Asset Values Sliding

A Hong Kong trading company has sold a unit on the 34th floor of the Bank of America Tower in Admiralty district for the equivalent of HK$17,800 ($2,278) per square foot, as prices for strata office assets in the city continue to decline.

Unit 3403 in the Bank of America Tower, measuring 2,039 square feet (189 square metres), was sold for HK$36.3 million after Wing Lun Group in November had sold unit 3503 in the building for HK$18,000 per square foot. The 34th floor unit is currently leased to law firm Harcourt Chambers, with the deal said to represent a rental yield of over 3.2 percent for the new owner. Read more>>

Johor Residents Stage Malaysia’s First Data Centre Protest Over Dust

The rapid increase in data centres in Malaysia came under the microscope on Saturday, with the AI-driven buildout drawing its first public protest in the Southeast Asian country.

More than 50 people gathered in front of a data centre construction site close to a residential area in the southern state of Johor, demanding an end to dust pollution and compensation for any negative impact that the project might have on their health. The protesters also expressed concern that the facility would impact their water supply. Read more>>

India’s Embassy REIT Boosts Operating Income by 19%

After leasing 1.1 million square feet (102,193 square metres) in the December-ended quarter, India’s Embassy REIT reported a 19 percent increase in net operating income to INR 9.85 billion ($110 million). 

The REIT’s improved performance came as gross revenue grew 17 percent to INR 11.9 billion after the company brought online new projects in Chennai and Bengaluru while also completing the sale of its Embassy Manyata property in Bengaluru. Read more>>

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