Masashi Suekane, Partner, Bain Capital
Today’s headlines on Mingtianji are led by US fund manager Bain Capital’s aim to invest $31 billion in Japan over the next five years, as South Korea’s Lotte REIT mortgages a department store in Jiangnan to raise funds to repay $173.5 million in debt, and a Hong Kong office building seized by a mainland Chinese businessman is set to be auctioned.
Bain Capital to invest $31 billion in Japan over next five years
U.S. asset management firm Bain Capital plans to invest a total of 5 trillion yen ($31.1 billion) in Japan over the next five years, an executive said.
Masashi Suekane, a partner at Bain Capital, said Japan has many “highly fragmented” industries and expects to see more consolidation and consolidation in the auto parts and basic materials industries. Read more >>
Lotte REIT secures Gangnam Department Store’s $174 million debt
South Korea’s Lotte Real Estate Investment Trust (Lotte REIT) has pledged the Lotte Department Store Gangnam branch as collateral to repay 240 billion won ($173.5 million) of debt that comes due this month.
According to investment banking sources, the trust plans to issue secured bonds next month. Secured bonds are different from regular corporate bonds in that they are secured by high-quality real estate assets. Lotte Reit is offering its prime Gangnam store as collateral for the fundraising. Read more>>
Hong Kong Tower seized from CEO Chang Ki to be auctioned
Hong Kong commercial property One Harbourgate East Tower in Hung Hom, one of a series of assets seized from Chinese businessman Chen Hung Tian last year, is being put up for sale for a second time amid weak office market sentiment.
The administrators have put the tower back on the market for new bids, according to a statement released on Thursday by Savills, who have been appointed sole agents for the sale. Read more>>
Hong Kong rents rise as international students, professionals scramble for space
Jason Li, a 22-year-old from Shandong province who will begin his master’s degree at the Hong Kong University of Science and Technology in September, made a down payment on a three-bedroom apartment in Fortress Hill immediately after viewing it.
Lee’s budget was HK$20,000 ($2,560) a month for himself and two roommates, but the apartment he snapped up at Fortress Metro Tower costs HK$26,000 a month. Read more>>
Demand for new, prestigious NPS-backed office buildings in Seoul is sluggish
South Korea’s National Pension Service, the world’s third-largest pension fund, sees little demand for its new Seoul-based flagship office, into which the pension system has pumped 2.3 trillion won ($1.7 billion), its biggest investment yet in a single real estate deal in the country.
An investment banking source said on Thursday that the property, part of the state-of-the-art Magok One Grove complex in western Seoul, was struggling to find future tenants. The office space is due to finish construction by next month, with occupancy set to begin in February 2025. Read more>>
DBS fined in Hong Kong for breaching anti-money laundering rules
DBS Group’s Hong Kong subsidiary has been fined HK$10 million (US$1.28 million) by Hong Kong regulators for failing to comply with anti-money laundering and counter-terrorism financing regulations.
The Hong Kong Monetary Authority said the disciplinary action follows an investigation by the Hong Kong Monetary Authority into DBS Hong Kong’s systems and compliance controls. The deficiencies occurred between April 2012 and April 2019. Read more>>
Hobby Land cuts price of $118 million of 4.35% green bonds due in 2029
Singapore developer Hobby Land said on Friday it has issued S$160 million ($118.6 million) of fixed-rate green bonds due 2029 at 4.35 percent.
The bonds fall under the property group’s S$800 million multi-currency medium-term note programme. Hoby plans to issue the bonds on July 11, 2024, with a redemption date of July 11, 2029. Read more>>
India’s logistics sector attracts $2.5 billion in Q2 led by foreign investors
The logistics sector is attracting foreign investors as India looks to revitalize its land bank to expand efforts to boost economic growth in manufacturing and services.
A recent report by Colliers India said that Q2 2024 saw a surge in momentum after a strong start to the year. Read more>>
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