Real estate
PAG buys Commerzbank’s Japanese real estate business
A PAG-led consortium has acquired a portfolio of around EUR700 million ($954 million) in primary subordinated loans held by Commerzbank’s Japan real estate subsidiary, plus local operations and staff.
StepStone enters real estate space, targets Asia expansion
StepStone has moved into the real estate sector with the addition of executives from Clairvue Capital Partners. The new team has built portfolios in the US and Europe and plans to add professionals in Asia over the next 12 months.
Warburg Pincus backs property developer Jinmao’s HK IPO
Warburg Pincus has agreed to buy HK$77.5 million worth of shares in Chinese property developer Jinmao Investments’ Hong Kong IPO, which is targeting up to HK$3.39 billion ($437 million).
China vacation rental site raises $100m from VC investors
Venture capital investors have committed $100 million in Series C funding to Tujia.com, a Chinese vacation-rental website. The company has now raised $164 million since inception.
TPG, PAG lead $1.2b acquisition of property manager DTZ
TPG Capital and PAG Asia Capital, together with co-investor Ontario Teachers' Pension Plan (OTPP) have agreed to buy DTZ, the property services arm of Australia-listed UGL, for an enterprise valuation of A$1.215 billion ($1.2 billion).
KKR buys Korean commercial property
KKR has teamed up with Hong Kong-based hedge fund LIM Advisors to acquire a commercial property in Seoul’s central business district. It is the private equity firm’s first real estate deal in South Korea.
APG invests $650m in Warburg Pincus-backed e-Shang
Dutch pension fund APG Asset Management will invest up to $650 million for a 20% stake in Chinese warehousing developer and operator e-Shang.
AIP Japan to launch $300m healthcare focused fund
Asia Investment Partners (AIP) Japan is launching its sixth healthcare-focused fund, which will specifically target the elderly care home segment.
Hony, Tencent buy plots in Qianhai land auction
Hony Capital and Chinese internet giant Tencent Holdings have bought land in Shenzhen’s Qianhai special economic zone for RMB2.19 billion ($351 million).
Century Bridge invests $60m in China residential developments
Sino-US real estate investor Century Bridge Capital has committed $60 million to two joint venture developments in China.
TPG, Khazanah invest $132m in Philippines housing developer
TPG Capital and Malaysian sovereign wealth fund Khazanah Nasional have together invested PHP5.8 billion ($132 million) in Philippines-based housing developer 8990 Holdings.
Cerberus-backed Seibu gains 11% on trading debut
Seibu Holdings, which counts Cerberus Capital Management as its largest shareholder, saw its stock rise 11% on its trading debut in Tokyo on Wednesday.
Cerberus refuses to sell shares in Seibu IPO
Cerberus Capital Management pulled out of the Tokyo IPO of Japanese railway and hotel operator Seibu Holdings after the conglomerate slashed the estimated price of the offering by as much as a third.
Gaw Capital acquires Beijing's Pacific Century Place
Gaw Capital has agreed to acquire Pacific Century Place, a Beijing residential and commercial complex, from Premium Century Premium Development - the real estate unit of Hong Kong's PCCW - for $928 million.
Chinese PE firm secures local pension fund tie-up
PE firm China Treasury Wharton Capital Management (CTWC) has partnered with China Social Welfare Foundation (CSWF), a government-backed public fund system, to develop an elderly care project.
IDFC raises debut India real estate fund
IDFC Alternatives has reached a final close of INR7.5 billion ($123 million) on its debut India real estate fund.
Cerberus-backed Seibu eyes April Tokyo listing
Japanese railway and hotel operator Seibu Holdings is targeting a JPY186 billion ($1.8 billion) IPO in Tokyo next month, potentially ending a three-year battle between the management and shareholder Cerberus Capital Management.
CDH investee Greenland to go public via reverse merger in Shanghai
Greenland Holdings, a Shanghai city government-owned property developer backed by CDH Investments and other PE firms, intends to list on the Shanghai Stock Exchange through a reverse merger with Jinfeng Investments.
VC-backed E-House plans US listing for subsidiary Leju
E-House, a Chinese real estate service agency backed by several VC and internet strategic investors, is preparing a US IPO for its wholly-owned subsidiary Leju Holdings that could raise up to $200 million.
China’s E-House forms JV with Yunfeng, Sequoia, Sina
E-House, a Chinese real estate service agency, has formed a property-oriented financial services joint venture with internet firm Sina Corporation, Sequoia Capital China, and Yunfeng Capital.
Warburg Pincus-backed Sunshine 100 raises $259m via HK IPO
Sunshine 100 China Holdings - a commercial and residential real estate developer backed by Warburg Pincus - has raised about HK$2 billion ($259 million) after pricing its Hong Kong IPO at the bottom of the indicative price range.
Warburg Pincus-backed Sunshine 100 eyes $310m HK IPO
Sunshine 100 China Holding, a Chinese property developer backed by Warburg Pincus, has launched its Hong Kong IPO, seeking up to HK$2.4 million ($310 million).
Piramal, CPPIB form $500m realty finance fund
India's Piramal Enterprises is to form a $500 million realty debt fund with CPPIB Credit Investments,, a subsidiary of the Canada Pension Plan Investment Board (CPPIB).
Sunsuper acquires remaining holiday parks stake, PE exits
Sunsuper, the Australian superannuation fund, has acquired control of Discovery Holiday Parks, paving an exit for Next Capital, Allegro Funds and Macquarie Funds. The deal, which values the asset at A$240 million ($215 million), will see Sunsuper raise...