Blackstone Gets Approval for Croesus Buyout


At the top of today’s news, US private equity giant Blackstone has received approval to acquire Japanese shopping mall portfolio Croesus Retail Trust for around $650 million. Also in the headlines, Chinese-backed builder John Holland has picked up a commercial site in Australia’s New South Wales, and Singapore’s Keppel Land is selling off a lakefront residential site in the eastern Chinese city of Nantong. And if you thought the world of cross-border deal-making was competitive, get ready for a Hunger Games experience in South Korea’s first international theme park. Read on for all these stories and more.

Blackstone Plan to Privatise Croesus Retail Trust Approved

Blackstone Group has received a green light from the Singapore Exchange Securities Trading Limited (SGX-ST) to de-list Croesus Retail Trust as part of the acquisition that will see the private equity major acquire the Japan-focused property operator via a trust scheme for $649.8 million.

The private equity firm had made an offer in June to acquire all units in Croesus through a trust scheme, with a consideration of S$1.17 in cash per unit. The application to SGX-ST for a nod to delist was made by the board of directors of Croesus Retail Asset Management Pte. Ltd, the trustee-manager and Blackstone-backed Cyrus BidCo Pte Ltd. Read more>>

Keppel Land Sells Nantong Lakefront Site for $214M

Keppel Land China is selling its entire stake in residential project Waterfront Residences in Nantong, China, said the firm on Thursday.

The developer entered an agreement to sell its 100 per cent interest in Keppel Lakefront (Nantong) Property Development for RMB 1.43 billion (about S$292 million) to Nantong Wanjun Commercial Information Consultancy. Read more>>

CCCC-owned John Holland Wins $135M Aussie Site

Infrastructure and property group John Holland has won the A$170 million NSW government tender to develop a new commercial precinct on Waterloo Road, Macquarie Park.

The company’s winning tender marks the fifth development project for the China Communications Construction Company-owned group as it makes its way into property development. The strategic 3.2ha development site can accommodate up to 117,000 sq m of commercial office space over five stages. The initial stage will be anchored by a 25,000 sq m pre-commitment by Property NSW to be delivered in 2019. Read more>>

Swire Sees 30% Profit Boost in H1

Swire Properties, one of Hong Kong’s largest property developers, has reported interim earnings that beat analysts’ forecasts, helped by increasing sales and higher margins on luxury real estate sold in the city.

The company’s underlying profit rose 30 per cent to HK$4.6 billion (US$588 million) in the six months ended June, while sales increased 46 per cent from a year earlier to HK$11.5 billion, beating the HK$11.3 billion consensus forecast of analysts polled by Bloomberg. Net profit, including valuation gains, more than doubled to HK$14.8 billion during the period. Read more>>

Link REIT To Revamp Tenant Mix at Guangzhou Mall

The Link Real Estate Investment Trust expects to generate a higher rental revenue and occupancy rate at Metropolitan Plaza after it reshuffles the tenant mix in its newly acquired shopping mall in Guangzhou.

“About 60 percent of the mall’s tenancies are approaching the end of the first leasing cycle and will expire in three years. This provides us with room to refine the tenant mix,” said Gary Fok Yip- sang, Link Asset Management director of asset management for China. Read more>>

Korean Theme Park To Feature Hunger Games Zone

The studio behind popular film franchises like Hunger Games and Twilight has announced plans to open a theme park in South Korea. The movie studio Lionsgate said Tuesday that it will open Lionsgate Movie World, a 1.3 million-square-foot theme part that will comprise seven different “zones” dedicated to a different film from Lionsgate.

The park, which is the first branded outdoor theme park for Lionsgate, will be a part of Jeju Shinhwa World, a resort located on South Korea’s Jeju Island. Each “zone” of Lionsgate Movie World will be focused on different blockbusters from the studio, including Hunger Games, Twilight, Now You See Me and the upcoming remake of Robin Hood. Read more>>

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