Latest news with #BlackRock-led
Business Times
21-05-2025
- Business
- Business Times
BlackRock buys Singapore serviced apartment asset
[SINGAPORE] A BlackRock-led consortium is buying the freehold Momentus Serviced Residences Novena at 12 Shan Road, for just over S$100 million, The Business Times understands. The 15-storey block is being sold by a joint venture comprising Roxy-Pacific Holdings, Macly Capital and LWH Holdings. The development's 78 serviced apartments comprise studio, one and two-bedroom apartments. Facilities include a swimming pool, a fitness room and a rooftop garden. The property is currently operated by SingHaiyi Group's hospitality arm, Momentus. However, this arrangement is expected to be terminated as part of the sale. BlackRock is said to have a local partner, believed to be an entity linked to Matthew Ong of SLB Development, for the purchase of 12 Shan Road. Formerly known as 12 On Shan, the building was completed in 2018 with a gross floor area of 68,048 sq ft. The property is about 550 metres from Novena MRT Station. It is also near Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital, and the Velocity@Novena Square and Square 2 malls. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Roxy-Pacific-led consortium acquired the serviced apartment building in 2022 from TA Corporation for S$86.5 million. Earlier this month, a tie-up between BlackRock and YTL entered into a purchase of the 299-unit Citadines Raffles Place for S$280 million. The serviced residence is within the CapitaSpring building, which is on a site in Market Street with a 99-year leasehold tenure that began on Feb 1, 1982; this leaves about 55 years and nine months on the lease. The serviced apartments are on levels nine to 16 of the 51-storey building which also has a food centre, offices and pockets of retail space. Citadines Raffles Place is being sold by a 45:45:10 joint venture involving CapitaLand Integrated Commercial Trust, CapitaLand Development and Mitsubishi Estate, respectively. CapitaLand Investments' lodging arm, The Ascott, continues to manage the property, comprising studios, one-bedders, two-bedders and lofts. The units range from about 215 square feet (sq ft) to 646 sq ft. Last year, BlackRock teamed up with Weave Leaving for the S$148 million purchase of the 154-unit Citadines Mount Sophia; the asset had a balance leasehold estate of about 81 years at the time. The property, which was sold by CapitaLand Ascott Trust, has since been refurbished and rebranded Weave Suites - Hillside, comprising 175 units.
Yahoo
28-04-2025
- Business
- Yahoo
China pushes for 'prudence' on CK Hutchison's ports deal, Xinhua reports
(Reuters) -China's foreign ministry has asked all parties involved in CK Hutchison's planned sale of most of its ports operations to a BlackRock-led consortium to "act prudently," state news agency Xinhua reported on Monday. The sale by the Hong Kong conglomerate, which contains two ports adjacent to the strategically important Panama Canal, has become highly politicised amid intensifying U.S.-Sino trade tensions. The Wall Street Journal, citing people familiar with the matter, reported on April 16 that the MSC shipping empire, a part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved. "We have taken note of relevant reports," foreign ministry spokesperson Guo Jiakun told a regular press briefing, according to Xinhua. The spokesperson also urged the parties to maintain full communications with the relevant Chinese departments, the report added. China's top market regulator had also responded to the Wall Street Journal report on Sunday, saying it was paying close attention to the deal, and that the parties should not try to avoid an antitrust review. Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries. The business has an enterprise value of $22.8 billion, including debt. CK Hutchison did not immediately respond to a Reuters request for comment.
Reuters
28-04-2025
- Business
- Reuters
China pushes for 'prudence' on CK Hutchison's ports deal, Xinhua reports
April 28 (Reuters) - China's foreign ministry has asked all parties involved in CK Hutchison's ( opens new tab planned sale of most of its ports operations to a BlackRock-led (BLK.N), opens new tab consortium to "act prudently," state news agency Xinhua reported on Monday. The sale by the Hong Kong conglomerate, which contains two ports adjacent to the strategically important Panama Canal, has become highly politicised amid intensifying U.S.-Sino trade tensions, opens new tab. The Wall Street Journal, citing people familiar with the matter, reported on April 16 that the MSC shipping empire, a part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved. "We have taken note of relevant reports," foreign ministry spokesperson Guo Jiakun told a regular press briefing, according to Xinhua. The spokesperson also urged the parties to maintain full communications with the relevant Chinese departments, the report added. China's top market regulator had also responded to the Wall Street Journal report on Sunday, saying it was paying close attention to the deal, and that the parties should not try to avoid an antitrust review. Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries. The business has an enterprise value of $22.8 billion, including debt. CK Hutchison did not immediately respond to a Reuters request for comment.
Time of India
27-04-2025
- Business
- Time of India
Don't evade antitrust review, Beijing warns operator of key Panama Canal ports
BEIJING: China's top market regulator said on Sunday it was paying close attention to CK Hutchison 's planned sale of most of its ports operations to a BlackRock-led consortium and parties to the deal should not try to avoid an antitrust review. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" The sale by the Hong Kong conglomerate, which contains two ports along the strategically important Panama Canal , has become highly politicised amid intensifying U.S.-Sino trade tensions. "No concentration of undertakings shall be implemented without approval, otherwise legal liability will be incurred," the State Administration for Market Regulation said in a statement. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Casablanca-settat - Watch What Happens Happy in Shape Undo The statement was in response to a Wall Street Journal article on April 16. The MSC shipping empire, which is part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved, the report said, citing people familiar with the matter. The deal has two components with different ownership structures - one for the Panama ports and one for everything else, the report added. Live Events
Business Times
27-04-2025
- Business
- Business Times
China says CK Hutchison's ports deal must not try to avoid antitrust review
[BEIJING] China's top market regulator said on Sunday (Apr 27) that it was paying close attention to CK Hutchison's planned sale of most of its ports operations to a BlackRock-led consortium and parties to the deal should not try to avoid an antitrust review. The sale by the Hong Kong conglomerate, which contains two ports along the strategically important Panama Canal, has become highly politicised amid intensifying US-Sino trade tensions. 'No concentration of undertakings shall be implemented without approval, otherwise legal liability will be incurred,' the State Administration for Market Regulation said in a statement. The statement was in response to a Wall Street Journal article on Apr 16. The MSC shipping empire, which is part of the BlackRock consortium, has held discussions on moving ahead with the bulk of the deal while disputes over the two Panama ports are resolved, the report said, citing people familiar with the matter. The deal has two components with different ownership structures – one for the Panama ports and one for everything else, the report added. US President Donald Trump has repeatedly said that he wants to take back the Panama Canal and has hailed the deal as a 'reclaiming' of the waterway. Chinese state media, however, have criticised the planned sale as a betrayal of China's interests. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump said on Saturday that American military and commercial ships should be allowed to travel through the Panama Canal and Suez Canal free of charge. Tycoon Li Ka-shing's CK Hutchison announced last month it would sell its 80 per cent holding in the ports business which encompasses 43 ports in 23 countries. The business has an enterprise value, which includes debt, of US$22.8 billion. Singapore's PSA International, which owns the other 20 per cent, is also exploring a sale of its holding, sources have said. Overall, the Hong Kong conglomerate has interests in 53 ports. Ports in Hong Kong and mainland China were not included in the deal. REUTERS
