In today’s roundup of regional news headlines, private equity king Blackstone picks up a self-storage business in Melbourne, AirTrunk announces plans to build a massive data centre in Sydney, and China Evergrande’s electric car unit hopes to raise some cash through the sale of its UK-based motor technology subsidiary, Protean.
US investment giant Blackstone has announced its second Australian deal in a week, acquiring the Melbourne-based self-storage business Fort Knox Storage, with local media reports citing the price as A$400 million ($297 million).
Blackstone, which last week bought the Nucleus Network clinical trials business, will now acquire 11 self-storage facilities across Melbourne in what is reportedly one of the biggest deals of the year in the booming self-storage sector. Read more>>
Kaisa Group Holdings said a wealth management product guaranteed by the Chinese developer has missed a payment.
The company has faced “unprecedented pressure on its liquidity” due to a slew of unfavourable factors such as credit rating downgrades and a challenging property market environment, Kaisa said Thursday. The developer, together with the issuer Kaisa Finance, will work out a repayment plan for the product soon, it added. Read more>>
AirTrunk on Wednesday announced plans to build a new data centre in Sydney that at 320 megawatts will be the largest single hyperscale campus in Asia Pacific outside of China when fully operational.
The new SYD3 data centre will be located in western Sydney, less than 1 kilometre (0.6 miles) from AirTrunk’s first SYD1 hyperscale facility, and will be built up over nine phases and span 8.3 hectares (20.5 acres). Read more>>
China Evergrande Group’s automotive unit is nearing a sale of UK startup Protean Electric to e-mobility company Bedeo, people with knowledge of the matter said.
The divestment by China Evergrande New Energy Vehicle Group could be announced as soon as Thursday, according to the people, who asked not to be identified discussing private information. Read more>>
Hopson Development is reported to be interested in acquiring stakes in the property management units of China Aoyuan and Agile Group after scrapping a buyout plan of China Evergrande’s assets.
Hopson is in preliminary talks to buy a 55 percent stake in Aoyuan Healthy Life Group as Aoyuan embarks on asset disposals to ease liquidity stress, according to a REDD report. Read more>>
Shares and bonds of Chinese property developers stumbled Tuesday as worries over spreading financial contagion worsened following a debt exchange from one of the country’s top 20 homebuilders that triggered a flurry of credit warnings.
Yango Group on Monday offered to exchange some US dollar bonds for new notes personally guaranteed by its chairman to avoid defaulting on upcoming debt payments. Read more>>
Shenzhen has relaxed the conditions for taking part in land sales, one of the first among China’s local authorities to backtrack from the draconian measures that have sent the entire country’s real estate industry into a tailspin.
According to the new rules laid out by the Planning and Natural Resources Bureau of China’s tech metropolis, more than one developer will be allowed to bid for land at the same price, where the competition will be based on how many homes they can build under the “affordable” price category. The bureau put 11 plots on the market last week, the third land sale this year. Read more>>
A winding-up petition has been filed against Gold Mart, a Hatten Land unit that is being divested to Singapore-based Tayrona Capital Group, Hatten Land said in a Singapore Exchange filing late Wednesday night.
The property developer’s proposed divestment of Gold Mart was approved by shareholders in November 2020, but in an announcement on 17 September, the supposed completion date, Hatten Land noted that it had not received the $60 million payment for the deal. Read more>>