Asia Digest: Grab partners with Lazada Vietnam; ARA Asset unit buys Korean tower

Photo: Grab website

Grab Vietnam and Lazada Vietnam will partner to provide a seamless digital experience to consumers in the country, while Singapore-based ARA Asset Management’s Korean subsidiary has acquired a landmark office tower in Seoul.

Grab partners with Lazada Vietnam

Grab Vietnam and e-commerce firm Lazada Vietnam today announced a partnership that aims to provide a seamless digital experience to consumers in the country. Under the partnership, Grab Vietnam and Lazada Vietnam will enhance services across various sectors.

Starting from 11 November, Vietnamese consumers will be able to access GrabFood from the homepage of Lazada’s app and web page. Grab’s users in Vietnam can also easily access Lazada’s platform via several links embedded in campaign-based banners and widgets on the Grab app’s homepage.

This partnership aims to reinforce the two companies’ consumer-focused strategies and fulfil Vietnam’s growing need for more convenient and smarter digital payment services as part of an effort to promote Vietnam’s digital economy.

“Through the collaboration with Lazada Vietnam, we will be able to catalyse this growing trend to cater to consumers’ increased digital needs, support social commerce and micro-entrepreneurs as well as provide more income opportunities for our delivery partners; hence, creating an outsized impact on Vietnam’s economy in the new normal,” said Nguyen Thai Hai Van, managing director of Grab Vietnam.

“This partnership between Lazada and Grab in Vietnam aims at creating a sustainable digital ecosystem that will deliver the best service to our shoppers, brands, and sellers,” said James Dong, CEO of Lazada Vietnam.

ARA Asset’s unit acquires Korean tower for $897m

Singapore-based ARA Asset Manament Limited (ARA) announced that its Korea subsidiary has completed the acquisition of Parc1 Tower II, a landmark office tower in Seoul, at a value of 1 trillion won ($897 million), according to an announcement.

The transaction is slated to be the largest single asset transaction in Korea this year.

“We are pleased to extend our longstanding partnership with NH Investments and Securities (NH I&S) to acquire Parc1 Tower II, an iconic, new development located in a core area of Yeouido Business District in Seoul. Given its prime location, we expect strong leasing demand, with NH I&S pre-committing to more than one-third of the tower’s gross lettable area,” said CEO of ARA Korea, Anthony Kang.

ARA is a leading APAC real assets fund manager with a global reach. With S$110 billion in gross assets under management as of 30 June 2020, ARA manages listed and unlisted real estate investment trusts (REITs), private real estate equity and credit funds, and infrastructure funds in 28 countries.

In March, ARA acquired a majority stake in the Australia-based logistics property group LOGOS Group. Details of the transaction pertaining to the deal size and valuation were not disclosed. According to an IPE Real Assets report, the investment by ARA is in the range of S$500m (nearly $361 million).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.