By Tanu Pandey
Target markets include Australia, China, Hong Kong, Japan, Korea and Singapore.
Within the region, Greater China – China and Hong Kong – accounted for more than two-thirds of PE real estate deal value in 2017.
The deal marks the second largest collective sale to date in 2018, seller Colliers said in a statement.
Vietnam is likely to see a record year for real estate M&A deals this year, according to JLL estimates.
The seller is Thai real estate firm Pace Development Corporation that is selling 14 billion baht worth of assets, including a substantial part of Thailand’s tallest building MahaNakhon.
With this, CPPIB has increased its investment in Island Star to a total of Rs1,662 crore, constituting a 49% stake.
Client inquiries, which were focused on the U.S. three years ago, are now neck-and-neck for Europe.
Realty firms are raising equity capital, selling land, exiting long-term projects and non-core business.
Alpha had acquired the Shanghai property in 2014 for $133 million and has realised an IRR of close to 20% on the sale.
The second China real estate fund comes nearly two years after the close of the company’s $100-million property fund.