SC Capital buys Aussie resort, set to close RECAP IV Fund

Darwin Airport resorts

Singapore-based private equity real estate firm SC Capital Partners has bought the Rydges Darwin Airport Hotel and Resort in Australia from the Denwol Group for around $85 million, DEALSREETASIA has learnt.

This is in line with the trend which has real estate investment trusts (REITs), hospitality chains and PE funds from Asia, looking at Australia expansion by securing local assets.

The two properties were acquired by the PE firm’s Real Estate Capital Asia Partners (RECAP) IV Fund, which the company is targeting to close soon. Earlier this year, SC Capital had begun sounding out investors for its RECAP IV Fund and had planned to raise $750 million in equity towards this vehicle.

DEALSTREETASIA has learnt that the company’s latest investment vehicle has also been oversubscribed by over $500 million. The PE firm plans final closure of this fund at around $800 million, which is set to happen by the end of this calendar year;  although this could not be verified independently, by this publication.

RECAP III was closed at $530 million despite being oversubscribed by more than $100 million against its $500 million hard cap target. Prior to that, it had raised $221 million as part of RECAP I in 2005, and $190 million in equity as part of RECAP II in 2010.

The Rydges Darwin Airport Hotel and Resort in Australia has 317 rooms, but has approvals to add another 11 rooms, and had been on the block since June. Darwin is also among the top cities in Australia in terms of revenue realised per hotel room in Australia.

Earlier this year, SC Capital Partners had bought  a UK cruise liner and had committed about $35 million from its RECAP Fund III towards converting this ship into a luxury hotel and be placed in Yangon, the former capital of Myanmar. The PE firm has also invested over $70 million from RECAP Fund III across different projects in Myanmar.

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.