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Columbia's US$2B sale lures KKR, Carlyle; Mirvac quits A$1.6B Melbourne race

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Columbia's US$2B sale lures KKR, Carlyle; Mirvac quits A$1.6B Melbourne race

* Columbia Pacific Management Inc.'s sale of its Columbia Asia Hospitals Pvt. Ltd. business has reportedly piqued the interest of private equity investors including KKR & Co. and Carlyle Group LP. At the center of the divestment is a portfolio of 30 midsize medical facilities primarily in India and Malaysia that could sell for approximately US$2 billion.

* Mirvac Group withdrew from the competition for Queensland Investment Corp.'s mixed-use development at 80 Collins St. in Melbourne, leaving Dexus and Charter Hall Group as the remaining parties in contention for the project expected to fetch more than A$1.6 billion, The Australian reported. Charter Hall hopes to secure the backing of GIC Real Estate Pte. Ltd. for its bid, while Dexus' offer is believed to have piqued the interest of Korean funds.


* Scentre Group priced its proposed offering of €500 million in 10-year fixed-rate guaranteed notes at 1.45%.

* Merricks Capital Pty. Ltd. secured a A$190 million mortgage loan to help finance a mixed-use development in Melbourne's Abbotsford suburb, The Australian Financial Review reported. Proceeds will fund The Park House residential-and-retail project that is being jointly developed by Salta Properties Pty. Ltd. and the Smorgon family.

* GPT Group's Melbourne Central mall outshone six-year pack leader Mirvac's Broadway shopping center after recording 12% growth in sales turnover per square meter to A$14,763, in comparison with the latter's A$14,405 per-square-meter sales, the AFR reported, citing Shopping Centre News' Big Guns report.

* Two of the biggest political parties in Australia rejected a proposal to impose the land tax structure on residential owner-occupier properties in the state of New South Wales, the AFR reported. The respective state arms of the Australian Labor Party and the Liberal Party of Australia turned down the plan despite an expected A$9 billion reduction in revenues by 2020-21.

Southeast Asia

* Oxley Holdings Ltd.'s Oxley Gem Pte. Ltd. subsidiary terminated its agreement with Gracious Land Pte. Ltd. for the S$950.0 million sale of the Mercure and Novotel hotels in Singapore after the buyer failed to pay the subsequent S$38.0 million deposit for the transaction. The listed property developer said it will continue exploring opportunities for the properties in light of the cancellation.

* Olive Tree Estates Ltd., National Housing Organization JSC and Emerging Markets Affordable Housing Fund Pte. Ltd. mutually agreed to purchase and co-develop four integrated projects in Vietnam. The partnership projects are expected to have an aggregate gross development value of more than US$300 million and yield about 4,000 affordable homes and 500 commercial units.

Hong Kong and China

* KWG Group Holdings Ltd. is planning to boost its US$350.0 million issuance of 7.875% senior notes due 2023 with another US$350 million offering. The Hong Kong-listed property company plans to use net proceeds from the follow-on issuance to refinance certain existing debt both onshore and offshore.

* Deutsche Bank AG might give up three of the 10 floors it occupies at Sun Hung Kai Properties Ltd.'s International Commerce Centre in Hong Kong, Bloomberg News reported, citing people with knowledge of the matter. According to one of the unnamed sources, the tenant and the landlord are currently discussing the plan, with the developer already looking for new tenants.

* Suyi Kim, the Hong Kong-based head of the Asia-Pacific operations of Canada Pension Plan Investment Board, said the Canadian pension fund is mulling the opening within 2019 of its first China office in Beijing, Bloomberg reported.


* Mitsubishi Estate Co. Ltd. has completed the construction of the Miyako Shimojijima Airport Terminal in Miyakojima City, Okinawa. The developer and terminal operator Shimojijima Airport Management Co. Ltd. will open the facility March 30, Yutosoken reported.

Other real estate news

* Invincible Investment Corp. said it secured necessary approvals for a new ownership structure that will allow it to directly acquire the leasehold interest of the Westin Grand Cayman Seven Mile Beach Resort & Spa and the Sunshine Suites Resort in the Cayman Islands. The Japanese property company acquired the properties in 2018 under a ¥37.53 billion deal and expects to complete the deal before May 31.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Cam Nones and John Chan contributed to this report.