Xander and APG made a Punjabi mall their first India acquisition
One of the UK’s biggest private equity firms is ready to invest in India’s retail sector, and now has the backing of major Dutch pension manager. Also in the headlines today, China’s Wanxiang Group continues its string of US real estate investments with a condo project in downtown Chicago, and James Packer’s Crown team may have a bit longer to complete their research on speciality accommodation opportunities in China’s penal sector. Read on for all these stories and more.
Xander, APG Team Up to Buy North India Mall for $109M
Virtuous Retail South Asia Pte. Ltd, a joint venture between alternative investments firm The Xander Group Inc. and Dutch pension fund APG, has bought a retail property in Mohali, Punjab for Rs 700 crore ($109 million) including debt from SUN-Apollo Real Estate Fund.
The North Country Mall is the first acquisition of Virtuous Retail in North India. The mall is built on 22 acres of land and has a leasable area of 1 million sq ft, Virtuous Retail said in a statement. Its anchor brands include H&M, Zara, PVR, Forever 21, Westside, Lifestyle, Central and Home Centre. Read more>>
China’s Wanxiang Investing in Michigan Ave Condo Project in Chicago
Two well-known Chicago developers and a Chinese investor plan a big apartment tower on a once-drab stretch of Michigan Avenue that recently has sprung to life with a wave of real estate developments.
Chicago-based Sterling Bay and Magellan Development Group are drawing up plans for a tall apartment tower at 300 N. Michigan Ave., where a four-story building would be demolished, according to sources. Read more>>
China Gets Ready to Try Crown Crew on Gambling Charges
Chinese authorities have handed over the criminal cases of 18 employees of Australian casino operator Crown Resorts Ltd. to a district-level prosecutor’s office, bringing them one step closer to trial after being detained for more than half a year, according to people familiar with the case.
The assignment to a district-level jurisdiction, Shanghai’s Baoshan District People’s Procuratorate, as opposed to a higher one at the city or national level, could mean that criminal charges might be limited to gambling offenses, according to a person close to the case. Gambling offenses in China carry a maximum sentence of three years. Read more>>
Country Garden Said Ready to Break Ground on Phase 2 of Malaysia Project
The second phase of construction of the Forest City project on an 800-ha site near Gelang Patah will start this month.
The second phase is located some 7km away by road from the existing Forest City sales gallery on the main island, said Country Garden Holdings Co Ltd (CGH) chief strategy officer Dr Yu Runze, who added these included building three international standard 18-hole golf courses, luxury hotels and low-density residential buildings. Read more>>
Beijing Home-Owners Protest Crackdown on Commercial-Titled Apartments
Scores of Beijing homebuyers staged a protest outside the city’s housing authority on Wednesday, highlighting rising social tensions sparked by the local government’s unprecedented home purchase tightening policies that protesters say trample on their property rights.
On Wednesday morning, about 40 buyers of apartments gathered outside the Beijing Municipal Commission of Housing and Urban-rural Development to demand the government ease a restriction that crippled the value of their assets. Read more>>
Hongkong Land Reports 97% Occupancy in Office Portfolio
Hongkong Land Holdings has reported that positive rental reversions continued in the Group’s Central office portfolio as market supply remained tight, with vacancy of 2.4% at 31st March 2017 compared with 2.2% at the end of 2016.
The Group’s Central retail portfolio remained fully occupied with flat base rental reversions. Read more>>
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