Singapore’s SC Capital picks 50% in Australian real estate project

Sinagpore-based private equity firm SC Capital has picked up around 50 per cent stake in the $146 million Harbour Town portfolio, located at the Australian city Melbourne’s Dockyards, marking its second deal in that country within months, DEALSTREETASIA has learnt.

The private equity firm will join hands with Ashe Morgan to redevelop the assets, which include a Medibank Icehouse as well as a Town Shopping Centre, among others.

The PE firm will fund the deal from its recently closed $850 million fund. In December. The institutional real estate private equity investment firm, had closed its fourth fund, after raising capital from a diverse array of institutional investors from across the globe. Limited partners in RECAP IV comprise 34 institutional investors from North America, Europe, Asia and Australia.

Also Read: SC Capital raises $850m new realty fund

Prior to this, RECAP IV had completed two investments as of December 31, 2014, including a retail asset in Melbourne, Australia, and an interest in prime beachfront land in the Phang Nga Province of Thailand.

DEALSTREETASIA had reported earlier that SC Capital Partners had bought Rydges Darwin Airport Hotel and Resort in Australia from the Denwol Group for around $85 million, from its RECAP) IV Fund. This deal was completed last month.

Now, SC Capital has four investments in Australia, and the combined value of these deals is around $500 million. This is largely in line with the ongoing trend over the last couple of years, which real estate investment trusts (REITs), hospitality chains and PE funds from Asia, looking at Australia expansion by securing local assets in that continent.

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

Prior to its latest fund, SC Capital had closed RECAP III at $530 million despite being oversubscribed by more than $100 million, against its $500 million hard cap target. Earlier, the company had had raised $221 million as part of RECAP I in 2005, and $190 million in equity as part of RECAP II in 2010.

Formed in 2004, SC Capital Partners is a 100 per cent employee-owned, and invests in multiple property types, including office, retail, hospitality and mixed-use assets, across China, Hong Kong, Japan, Singapore, South Korea, Australia, Thailand and Myanmar.

Since inception, SC Capital Partners has invested more than $870 million of equity and just under $1.8 billion of total capital across 39 deals across its four funds.

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Image: freedigitalphotos.net

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.