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Blackstone signs $1.46B Indiabulls deal; CapitaLand vies for Indian IT parks

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


Blackstone signs $1.46B Indiabulls deal; CapitaLand vies for Indian IT parks

* Blackstone-controlled entities signed an agreement for the roughly US$1.46 billion, or 95.00 billion-Indian-rupee, acquisition of a 50% stake in Indiabulls Real Estate Ltd.'s Indiabulls Properties Pvt. Ltd. and Indiabulls Real Estate Co. Pvt. Ltd. subsidiaries, which own the Indiabulls Finance Centre and the One Indiabulls Centre office properties in central Mumbai.

In a separate filing, the Indian vendor also said that the resolutions for the planned stake sale and for its proposed exit in Chennai, India, were both passed during an extraordinary meeting held March 23.

* Meanwhile, listed developer CapitaLand Ltd., Singaporean investor-developer Ascendas-Singbridge and investment company The Xander Group Inc. are leading the race to acquire two of Blackstone Group LP's IT parks in Pune, India, two people aware of the matter told India's Mint, with one of the sources saying the deal could be worth about 20.00 billion rupees.

On offer are the private equity giant's special economic zone, or SEZ, in Pune's Hinjewadi area, which was developed by a DLF Ltd. joint venture, and the 1.5-million-square-foot BlueRidge SEZ, which earlier elicited bids from Singaporean wealth fund GIC Pvt. Ltd., Canada Pension Plan Investment Board and Brookfield.

* CBRE Group Inc.'s 2018 Asia Pacific Investors Intention Survey found that more investors are looking to move into new areas in real estate such as healthcare, student accommodation and debt. The Australian, citing the study, noted that the findings came as pressure mounts for returns from investments in traditional real estate areas, like office buildings and shopping centers.

Hong Kong and China

* Longfor Properties Co. Ltd. CFO Zhao Yi said that the listed property development company will be ramping up the construction of investment properties in a bid to boost its recurring income. The plan, which was disclosed alongside the company's announcement of its 2017 financial year results, involves attaining a goal of owning 47 malls by 2020 and delivering 50,000 apartments in 2018.

Speaking of plans, Longfor Properties' board proposed adopting Longfor Group Holdings Ltd. as the developer's new English name to reflect the company's plan to expand into other areas of real estate.

* Wheelock and Co. Ltd. raked in HK$12.2 billion from the sale of 1,376 units at its Malibu development in Tseung Kwan O, Hong Kong, the South China Morning Post reported. Units launched during the latest round of sale were offered at an average discounted price of HK$17,374 per square foot, according to the paper.

* An indirect subsidiary of C&D International Investment Group Ltd. established a 55/45 joint venture with Suzhou Junfengchang Real Estate Development Co. Ltd. for the acquisition of the roughly 22,256-square-meter mixed-use site in Suzhou, China, that was secured during an auction for nearly 458.4 million yuan.

* The city of Dalian in China introduced a new restriction to ban owners of two or more properties in certain areas in the city from buying more houses, Xinhua News Agency reported. Non-residents holding any properties are not allowed to make further purchases, and new bought homes cannot be sold within two years.

* The municipal government of Beijing issued a negative list to restrict lands in core areas from being re-assigned for mega commercial or residential projects, Caijing reported. The central city areas outside the core areas will be planned for industrial, cultural, wholesale and long-term rental purposes.

Australia

* Two new towers will be added in Dexus' waterfront precinct in Brisbane as a result of the Queensland government's A$1.4 billion plan to overhaul the Eagle Street Pier property, The Australian reported.

* Financial services provider Macquarie Group Ltd. obtained approval from the New South Wales government for its plan to add two new buildings at the north and south sites of Sydney's Martin Place, The Australian reported. Completion of the planned construction will increase the group's holdings in Martin Place to A$3 billion, according to an earlier report.

Southeast Asia

* Shareholders of Rojana Industrial Park Pcl approved the 17.90-Thai-baht-per-share divestment of the company's 26.1% stake in Ticon Industrial Connection Pcl to a Frasers Property Ltd. joint venture. The sale is part of the joint venture's 20-billion-baht plan to buy out Ticon Industrial, which owns a 22% interest in Thailand's largest real estate investment trust, Ticon Freehold and Leasehold Real Estate Investment Trust.

* The Singapore stock exchange "has no objection" to the proposed delisting of CWG International Ltd. from the bourse, the developer announced in a filing. The decision follows the closing of Elidom Investment Co. Ltd.'s 19.5-Singapore-cents-per-share offer for CWG International, which was accepted by holders of 97.05% of the target's total issued shares.

Japan

* Frontier Real Estate Investment Corp. is taking a 60% ownership in the Zara-anchored Sakae Globe urban retail center in Nagoya City under an approximately ¥9.30 billion agreement with Mitsui Fudosan Co. Ltd.

* Sumitomo Realty & Development Co. Ltd. has opened a 24-story office building in Tokyo's Shinagawa Ward, the Nikkan Kogyo Shimbun reported.

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The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.

Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.

As of March 23, US$1 was equivalent to 6.31 yuan, S$1.31, 64.97 Indian rupees, ¥104.94 and 31.19 baht.