Sources say Hillhouse has signed a lease for the 28th floor of Tower 1 in the Marina Bay Financial Center
In today’s regional headlines roundup, Bloomberg reports that Chinese private equity firm Hillhouse Capital is consolidating its Singapore offices into a single location in Marina Bay, and takeover giant TPG is preparing to acquire an Indian mortgage lender.
Hillhouse Capital to Consolidate Singapore Offices into Marina Bay Financial Center
Investment giant Hillhouse Capital Management is consolidating its two Singapore locations by moving into one of the city-state’s prime office buildings overseeing the Marina Bay skyline, according to people familiar with the matter.
Hillhouse has signed a lease for the 28th floor of Tower 1 in the Marina Bay Financial Center, the people said, asking not to be identified while discussing private information. The company is currently located at Singapore Land Tower, with a coworking space at Ocean Financial Centre. Learn more>>
TPG to buy Poonawalla housing finance and commit nearly $600 million
Buyout giant TPG has reached a deal to buy the mortgage finance arm of Poonawalla Fincorp, four years after its protracted bid to acquire ICICI Home Finance to enter India’s booming housing finance market failed.
The Texas-based private equity firm has announced that it will acquire Poonawalla Housing Finance for a pre-money equity valuation of INR 3,900 crore ($473 million). TPG will also inject additional equity of up to INR 1,000 crore ($121 million) into the short-term mortgage lender to support growth. Learn more>>
Macrotech developers to build $40 million urban warehouse in Mumbai
Property firm Macrotech Developers will invest INR 330 crore ($39.8 million) to develop a warehousing project in Mumbai as part of its expansion plan and to tap into growing demand from e-commerce and third-party logistics companies .
Macrotech, which markets its properties under the Lodha brand, is one of the leading real estate companies in India. Learn more>>
Blackstone and Mirvac sell Sydney Tower for A$830m in city’s biggest game
The Sydney office market could end 2022 on a high, with property house Ashe Morgan and a Japanese partner surrounding a Margaret Street skyscraper in a deal worth around $830m ($555.6 million).
The deal would see Mirvac and private equity firm Blackstone sell 60 Margaret Street and the MetCentre in what would be the year’s biggest office and retail business following rising interest rates. interest. Learn more>>
Fosun’s Lanvin Group plunges 25% on New York debut
Shares of Chinese luxury company Lanvin Group closed their first day of trading on the New York Stock Exchange at $7.63 per share, down 25% on volatile market swings.
The company debuted in a SPAC listing at $10 per share, valuing the company at $1.31 billion. The stock initially jumped to $22.81 before dropping to $4.63 in afternoon trading. It regained some of that ground but was still far from the open price at market close. Learn more>>
Singapore’s Trendale Tower is back on the market with a reserve price of S$168 million
Trendale Tower, a freehold residential site in Singapore’s prime enclave of Cairnhill, has again been put up for sale at a reserve price of S$168 million ($123.9 million) via a public tender. public offers.
The site last went on sale in August 2022 at an indicative price of S$178 million, but auctions closed in mid-September with no takers. A May 2018 attempt to sell the development – then at a reserve price of around S$163.5 million – also fell through as there were no buyers. Learn more>>
China hints at more real estate support as economy takes priority
The Chinese government has hinted at further support for the real estate sector, with a senior politician describing it as a “pillar” of the world’s second-largest economy.
Vice Premier Liu He said further measures were being considered to improve the industry’s financial condition and boost confidence, according to a Xinhua report posted on the central government’s website. Liu also dismissed concerns that weak housing demand could lead to a long-term slump, saying China is still on a “relatively rapid urbanization” path. Learn more>>
Expected rental yields on Tokyo real estate assets hit 23-year low
Investors expect lower rental yields from office and residential assets in Tokyo. According to the Japan Real Estate Institute’s Investor Survey released in November, the expected rental yield for Class A offices in Tokyo’s Marunouchi and Otemachi districts was 3.2% in October, down from 3.3% in April.
This is the lowest expected return since the institute began collecting data in 1999. In April 1999, it was at 6%, before falling below 5% in 2005. Learn more>>
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