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Tuesday, November 7, 2023

EQT Makes Fresh Attempt at $6.5B Global Switch Buy and More Asia Real Estate Headlines

EQT chief executive Christine Sinding is fighting for Global Switch

Sweden’s EQT has renewed its pursuit of Chinese-owned data centre operator Global Switch, with that deal leading today’s headline roundup. Also in the news, CalPERS doubles down on climate-related investments and Blackstone turns its attention to Japan and India.

EQT Revives Talks for $6.5B Global Switch Acquisition ↗

EQT has resumed its pursuit of Global Switch Holdings in a deal that could value the data centre company at around $6.5 billion, people familiar with the matter said, months after earlier talks stalled over disagreements on valuation.

The Swedish private equity firm is in discussions with Global Switch’s Chinese owners about a potential deal, said the people, who asked not to be identified discussing private information. An agreement could be reached in the coming months depending on the outcome of the due diligence, the people said. Read more>> ↗

CalPERS Weighs $53B Increase in Climate Investments ↗

The largest US pension fund is considering a $53 billion increase in its climate-related investments by 2030 along with new guidelines for exiting or reducing its holdings in polluters.

The climate push would roughly double the fund’s exposure to areas such as wind, solar and carbon capture, bringing the total to $100 billion, according to a policy proposal published Friday by the California Public Employees’ Retirement System. The divestment rules would be aimed at assets that pose a fiduciary risk because they “fail to present a credible net zero plan” for emissions. Read more>> ↗

Blackstone Looks to Japan, India for 2024 PE Deals ↗

Blackstone Inc. expects India and Japan to be its most active markets in Asia next year based on capital allocation, according to the firm’s head of private equity.

“India has the highest growth; it also has the most ebullient stock market,” Joe Baratta, Blackstone’s global head of private equity, said in an interview in Tokyo. “Japan will also be very interesting as a market. The economy seems to be decoupled from what’s going on in the rest of the world.” Read more>> ↗

Study Fails to Show Rent Premium for Singapore Green Buildings ↗

The real estate market in Singapore has yet to yield conclusive data that green buildings are able to command higher rents or valuations, calling into question the substantial investments by landlords and developers into green features and certifications.

Valuation professionals have also not yet begun to incorporate penalties for so-called brown buildings when ascribing property values. Read more>> ↗

India’s Macrotech Adds 7 Residential Parcels for $1.7B in Projects ↗

Looking to expand its business, Macrotech Developers added seven new land parcels in the Mumbai region and Bengaluru during the April-September period for development of housing projects with a sales value of INR 143 billion ($1.7 billion).

Macrotech Developers, which sells properties under the Lodha brand, added these land parcels through outright purchases and joint ventures with landlords. Read more>> ↗

Chinese Leads Asian Surge in Aussie Luxury Home Buys ↗

Record migration and China’s post-pandemic reopening have sparked a surge of foreign investment in Australian property, with international agents reporting a more than 400 percent increase in inquiries.

Treasury data reveal that overseas buyers are flooding back into the Sydney, Melbourne and Brisbane markets. Approvals by government are up 40 percent in the past quarter compared with the previous year, and buyers from mainland China, Hong Kong, Taiwan and Vietnam are leading the influx. Read more>> ↗

Netflix India Renews Office Lease at Godrej BKC for Five Years ↗

Netflix has renewed the lease for its two office units in Mumbai’s Godrej BKC for a monthly rental of INR 42.8 million ($515,000). The lease is for five years with a 5 percent annual rental escalation.

Netflix Entertainment Services India has renewed the lease for its two office units in Godrej BKC in G Block of Bandra Kurla Complex on a monthly rental of INR 42.8 million. Read more>> ↗

Manulife US REIT Sees Leasing Improve, Asset Sales Frozen ↗

Manulife US REIT’s operational metrics improved in its fiscal third quarter, with rental reversions in the quarter rising 24.2 percent year-on-year. Leasing in MUST’s submarkets appears to be on a more stable footing in terms of tenant demand, with lease terms beginning to tick up again and tenants comfortable signing longer-term leases. At the same time, tenant incentives continue to moderate.

“It’s still a tenants’ market but terms are getting closer together and concessions are beginning to moderate,” said Tripp Gannt, CEO of MUST’s manager. “We’re beginning to find some firmer footing on some of the fundamentals that underline the leasing market. I wish I could say the same thing about the transaction market. The US transaction market continues to be very slow, and essentially frozen.” Read more>> ↗

Tune in again soon for more real estate news and be sure to follow @Mingtiandi ↗ on X, or bookmark Mingtiandi’s LinkedIn page ↗ for headlines as they happen.

BFIA Admin
BFIA Admin
The big boss.

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