The Flinders Gate complex in central Melbourne (Image: Dexus)
Asian private equity shop PAG is said to be nearing the acquisition of a Melbourne office complex, with that report leading today’s headline roundup. Also making the list, Hong Kong’s Gaw Capital eyes more investments in the Middle East and distressed Chinese developer CIFI wins creditor backing for a debt restructuring plan.
PAG Said in Talks to Buy $169M Melbourne Office Complex From Dexus
Hong Kong private equity and real estate company PAG is again looking to snap up a Melbourne office asset at a time when many rival companies are steering clear of the city.
The company is circling the Flinders Gate complex that adjoins Melbourne’s renowned Adelphi Hotel, with listed property group Dexus looking to sell it for A$260 million ($169 million) after redeveloping it five years ago. The Asia-based manager has previously bought while Melbourne’s office market was at a low point, last year picking up a tower at 367 Collins Street from listed group Mirvac for A$340 million. Read more>>
Gaw Talks Up Prospects for Middle East Real Estate, Private Equity
Gaw Capital Partners plans to bolster investments in the Middle East, its top executive said, as the Hong Kong-based multi-asset investment manager looks to tap into the post-COVID boom in the region’s real estate and other industrial sectors.
Christina Gaw, Gaw’s managing principal and global head of capital markets, said the firm is looking at real estate and other businesses in the United Arab Emirates and Saudi Arabia as their population has a large demand for real assets. Gaw acquired a residential building in Abu Dhabi in May for more than $150 million and signed a pact in November with Expo City Dubai and Lingang Group to explore creating the Expo Life Science Park in Dubai. Read more>>
China’s CIFI Wins Creditor Approval for Restructuring Plan
Distressed Chinese developer CIFI Holdings won backing from a majority of creditors for a $7.9 billion offshore debt revamp, a key step for the cash-strapped builder as China’s property market shows little sign of recovery.
According to a Wednesday stock filing, 1,236 out of 1,250 creditors, holding $7.3 billion of CIFI’s $7.9 billion in offshore debt, voted in favour of the developer’s latest restructuring plan. Read more>>
Tokyo Led Global Real Estate Investment in Q1
Real estate investment in Japan reached a quarterly record of JPY 2.1 trillion ($14.6 billion) for January-March, with Tokyo leading global cities, as overseas investors took advantage of relatively low interest rates to snap up big properties.
Investment nationwide rose 23 percent year-on-year, data from JLL shows, topping JPY 2 trillion for the first time since the survey began in 2007. Global real estate investment grew 34 percent to $185 billion, with increases in Europe and the US as well. China investment fell 33 percent as its economy struggles with a property slump. Read more>>
Hong Kong Housing Market Set for Gradual Recovery, Says Mainland Bank
Hong Kong’s housing market is poised for a gradual recovery starting in the second half of this year as population inflows, falling interest rates and a rebound in rental demand restore confidence, according to Bocom International.
The investment bank said home prices could rise by 3 percent over the next six months, followed by 5 percent increases in both 2026 and 2027, as sentiment improves amid declining borrowing costs while returning residents and arriving professionals boost demand. Read more>>
Golden Harvest Down to Four Hong Kong Cinemas Following Kowloon Closure
The Golden Harvest cinema at the MegaBox shopping centre will close this weekend due to “the end of tenancy”, making it the fifth venue that the cinema chain operator has shut down since April last year.
The seven-theatre Golden Harvest MegaBox cinema, which is located in the largest shopping centre in eastern Kowloon, will remain open until Sunday, the chain said Wednesday. The cinema in Kowloon Bay became the latest in a string of movie theatre closures in the city and the fifth so far this year. Read more>>
CapitaLand Malaysia Trust Aims to Raise $59M in Equity Sale
The manager of CapitaLand Malaysia Trust on Tuesday proposed a placement of up to 435.4 million new units to raise gross cash proceeds of up to MYR 250 million ($59 million). The amount will represent 14.9 percent of the total number of units in issue.
The number of placement units was determined based on an issue price of MYR 0.5741 per unit, representing a discount of 10 percent to the volume weighted average market price of MYR 0.6379 per unit over the five trading days up to and including the latest practicable date. Read more>>
Indonesia’s DCI Opens 36MW Data Centre Outside Jakarta
Indonesian data centre firm DCI’s eighth facility is now operational. The company says the 36-megawatt JK6 is the “single largest data centre ever built in Indonesia”. The facility is an expansion of DCI’s H1 Campus in Cibitung, an administrative district east of Jakarta.
This addition brings the site to five data centres, with the campus’s total capacity now 73MW. The campus will be able to offer 300MW of capacity at full buildout, accounting for 85,000 square metres (914,930 square feet) of floor space. Read more>>
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