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CDL executive chairman Kwek Leng Beng is looking to calm investor nerves (Getty Images)
CDL supremo Kwek Leng Beng and son Sherman bury the hatchet after their boardroom tussle, with that story leading today’s headline roundup. Also making the list, Blackstone adds to its Aussie shed holdings and Ares Management reportedly eyes a purchase of New World Development debt.
CDL Family Feud Resolved as Kwek Leng Beng Drops Suit
City Developments Ltd said its executive chairman has dropped a lawsuit against his son, the company’s CEO, seeking to resolve a high-profile boardroom tussle at one of Singapore’s biggest developers.
Kwek Leng Beng said last month that he had taken legal action to remove Sherman Kwek from the helm of the company, accusing him and other directors of breaching corporate governance standards in efforts to consolidate control of the company’s board. Both father and son will remain in their roles and all current directors will retain their positions on the board, the company said in a statement issued late Wednesday. Read more>>
Blackstone Buys Brisbane Sheds From Goodman for $56M
Private equity and real estate giant Blackstone is doubling down on last-mile logistics, picking up the Arcadia Industrial Estate in Coopers Plains in Brisbane’s south for A$89 million ($56 million).
The company will add the estate on Boundary Road to its holdings and look to benefit from its location between Brisbane’s major arterial roads and the rail yard. The asset was sold by Jason Edge and Matthew Frazer-Ryan from CBRE on behalf of a Goodman Group-managed partnership. Read more>>
Ares Said Offering to Buy New World Debt at a Discount
Ares Management approached at least two banks in recent weeks to purchase their holdings of debt issued by Hong Kong’s New World Development, according to people familiar with the matter.
The US-based alternative investment manager was seeking to acquire a share of New World’s debt at a discount in hopes of partaking in the company’s ongoing refinancing exercise, said the people, who asked not to be identified discussing private matters. Read more>>
Japan’s Keihanshin Invests in Seattle Multi-Family Project
Tokyo-listed Keihanshin Building said Wednesday that it has invested in a multi-family residential project in Seattle through a US subsidiary.
Keihanshin is cooperating on the Washington state project with Hawaii-based builder MacNaughton and a unit of Lennar Corporation as the Japanese firm seeks to expand its US presence and gain expertise in the market. Read more>>
Korea’s NPS to Overhaul Alternative Investment Strategy
The National Pension Service, South Korea’s state-run pension fund and the country’s largest institutional investor, plans to introduce a new benchmark portfolio framework to improve gains from its alternative investments — a move to increase flexibility and efficiency amid rapidly evolving market conditions.
Seo Won-joo, chief investment officer of the state fund management division, emphasised the urgency of the transition during a press briefing Tuesday, saying the new system would be quickly implemented. Read more>>
Australia’s Elanor Struggles to Find Buyers for Hotel Portfolio
Property fund manager Elanor has been unable to offload hotels in its troubled hospitality vehicle in one line and is carving up its portfolio while it remains locked in talks with key lenders to ensure its survival.
Plans to sell the entire portfolio of Elanor hotels to one major party collapsed with various US groups including investment firms KSL, KKR and Blackstone walking away some weeks ago, sources said. Read more>>
Mapletree Logistics Trust to Divest Singapore Warehouse
Mapletree Logistics Trust has agreed to divest its logistics property at 31 Penjuru Lane for S$7.8 million ($5.8 million), the REIT’s manager said Wednesday. The sale price is 6.8 percent higher than the property’s latest valuation of S$7.3 million last November. The property is being sold to an unrelated third party.
The property comprises a three-storey warehouse with a building age of around 35 years and another warehouse about 28 years old. The property sits on a plot of land with roughly seven years left on its lease. Read more>>
Global PE Players Ramp Up Korea Presence
New York-based Apollo Global Management and London-based Intermediate Capital Group have joined the ranks of global private equity firms setting up offices in Seoul.
South Korea is one of three countries in Asia Pacific, alongside Australia and Japan, where the Qatar Investment Authority has announced plans to bolster its presence, according to the 2025 Asia Pacific Private Equity Almanac released Tuesday. Read more>>
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