By Mars Woo
This comes ahead of Cushman & Wakefield’s US IPO that could raise as much as $1 billion at a valuation of over $5 billion.
Centropolis Towers is a 26-storey twin-tower office building in Seoul’s central business district.
The offering includes the 269-room Crowne Plaza Hotel and management rights for the 104-room Gold Tower.
The Blackstone REIT, which comprises properties that count Microsoft and Rolls-Royce as tenants, would be a crucial test after much-hyped infrastructure trusts failed to gain traction in the Indian market.
Temasek-owned Ascendas-Singbridge Group will provide Ascendas Reit with asset management and related services in the UK.
The closed-end, value-added fund has already made initial commitments to investments in Tokyo, Melbourne, and Hong Kong.
The deal marks Piramal Capital’s third major investment in the hospitality segment in the last six months.
BW Industrial, a joint venture between Warburg Pincus and Vietnam’s Becamex, targets to build the warehouse for the likes e-commerce giant Amazon in Vietnam.
New York’s Waldorf Astoria, bought in 2014 for $1.95 billion, is not part of the sale.
Allcargo has appointed investment bank Avendus Capital to advise it on the fundraise.