Gaw Capital-Led Consortium Seeks HK$14.4 Billion Refinancing for 16 Hong Kong Shopping Centres
A consortium led by Gaw Capital is seeking to refinance a HK$14.4 billion (US$1.8 billion) loan secured by 16 Hong Kong shopping centres, aiming for cheaper borrowing costs on a possible new three-year facility. The existing loan, arranged in 2024 by UOB, ANZ and Standard Chartered, covers assets bo
A consortium led by Hong Kong-based Gaw Capital is seeking to refinance a HK$14.4 billion (US$1.8 billion) loan secured by 16 Hong Kong shopping centres, with the group looking for cheaper borrowing costs on a possible new three-year facility, Bloomberg reported.
The existing loan, arranged in 2024 by Singapore's UOB, Australia's ANZ and Standard Chartered, pays 148 basis points over Hibor and covers shopping centres in Kowloon and the New Territories, mostly in public housing estates, that the group agreed to buy from Link REIT in 2017 for HK$23 billion.
In other Asia-Pacific real estate news, a unit of Nasdaq-listed data centre operator VNET Group has won Shanghai Stock Exchange approval to sell a data centre to an institutional REIT which will fund the purchase by selling RMB 2.34 billion (US$348.7 million) of new securities. The REIT, which is backed by the unit's data centres and raised RMB 1.7 billion when it listed in March, had its expansion filing accepted by the exchange on 31 August.
South Korea's Samsung SRA Asset Management is selling the K Twin Towers office complex in Seoul's central Gwanghwamun district to IGIS Asset Management for KRW 1.1 trillion (US$832.1 million), with the deal due to close this month. Samsung SRA bought the fully leased towers for KRW 713.2 billion in 2018 through a National Pension Service-backed fund and stands to gain KRW 336.8 billion.
Industrial & Infrastructure Fund Investment Corporation is joining a private fund buying a 10-megawatt hyperscale data centre in western Tokyo's Tama area for JPY 62 billion (US$395.2 million), taking an 8 per cent stake for JPY 2 billion. The KKR-sponsored REIT said the deal, its first data centre investment, targets an 11.1 per cent IRR over about five years.
South Korea's Mirae Asset Global Investments has begun the sale of the State Tower Namsan office building in central Seoul, which is expected to fetch more than KRW 800 billion (US$605.3 million). Mirae Asset has asked property advisors to bid for the sale mandate by early November. Separately, shares in South Korea's Mirae Asset Global REIT fell as much as 20 per cent, a slide linked to the trust's plan to sell a FedEx-leased warehouse in Florida for KRW 77.1 billion (US$58.3 million).
SK Telecom's AI data centre unit SK Hyper is seeking US$350 billion to fund the first 5-gigawatt phase of a 15GW buildout in South Korea by 2035. Chief executive Jung Suk-keun said SK Hyper is in talks with big tech firms and financial investors and aims to secure a first round of outside capital by early next year.
Victoria's state government has cleared a joint venture between Australia's Dexus and Boral to advance an almost A$14.9 billion (US$10.5 billion) industrial precinct at Ravenhall, west of Melbourne's city centre, through a bespoke planning pathway.
