Latest news with #ESG-compliant
The Sun
a day ago
- Business
- The Sun
Ajiya boosts profit margins in Q1 FY25, eyes ESG product launch in July
KUALA LUMPUR: Ajiya Bhd reported a revenue of RM80.97 million and a profit before tax (PBT) of RM8.09 million for the first quarter (Q1) ended March 31, 2025 (FY25). The group's gross profit margin notably improved to 19.48%, up from 17.13% recorded in the corresponding quarter last year, highlighting operational efficiency and enhanced cost management initiatives. Asia Roofing Industries (ARI), a key business division of Ajiya, also demonstrated improved profitability, with its gross profit margin increasing to 20.73% compared to 18.96% in Q1 FY24. ARI director Ng Wai Luen said the company is pleased to report a stable set of results for Q1, highlighting its ability to deliver consistent operational efficiency and effective cost management. 'The resilient Malaysian construction sector continues to support steady demand for our products. 'Going forward, Ajiya, in collaboration with other Chin Hin companies that supply building materials, is embarking on launching ESG-compliant products in July through both our glass and metal divisions.' 'These products will significantly reduce operational and embedded carbon, enabling building and homeowners to benefit from lower cooling costs. 'Additionally, Ajiya Glass Marketing, launched in 2024, has quickly recorded strong growth in the wholesale glass business, opening new revenue opportunities distinct from our traditional glass processing operations. 'In our metal division, we have introduced the Premium Rock series of metal roofing, strategically designed to penetrate the significant residential roofing market traditionally dominated by concrete roof tiles. 'This targeted innovation is expected to contribute positively to our earnings moving forward,' Ng said. Ajiya's balance sheet remains healthy, with strong operating cash flows of RM19.91 million generated during the quarter, further supporting the group's operational stability and growth objectives. The group also has a strong amount of cash, with cash and bank balances well above what they owe, showing their careful financial management and ability to support long-term growth goals. Looking ahead, Ajiya remains cautiously optimistic for the remainder of FY25, given the expected steady performance of the domestic construction industry. The group will continue to focus on operational efficiency, product diversification, timely project delivery, and expansion in regional markets. In line with its sustainability commitment, Ajiya continues integrating environmental, social, and governance (ESG) principles into its business practices, aligning with national ESG goals.
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Business Standard
27-05-2025
- Business
- Business Standard
Prime Offices Fund acquires Delhi's Prius Platinum in strategic realty move
Prime Offices Fund (PRIME) — a commercial real estate fund managed by Nuvama and Cushman & Wakefield (NCW) — has acquired Prius Platinum, a premium Grade A office space in South Delhi's high-demand Saket District Centre. The deal comes at a time when India's commercial property sector is gaining attention from both institutional and retail investors for its potential to offer stable, inflation-hedged rental income, especially from marquee properties with long-term tenants. What's the deal? Prius Platinum spans 0.3 million sq. ft. and was previously owned by a consortium led by Kotak Alternate Asset Managers Limited. The property was originally acquired via the Insolvency and Bankruptcy Code (IBC) route in 2021 and has since undergone extensive upgrades, including ESG initiatives, modernisation, and a leasing push. The building is now 95% leased, with a weighted average lease expiry (WALE) of 5 years — a metric that provides comfort to long-term investors seeking predictable income flows. Why this matters for investors? According to Gaurav Puri, Chief Investment Officer at NCW, Prius Platinum fits perfectly into PRIME's vision of creating a sustainable, high-quality, income-generating portfolio. With tenants from legal, pharma, and financial services sectors, the property is positioned to deliver consistent rental yields. From a personal finance perspective, investments in such commercial office spaces — either directly (for high-net-worth individuals) or indirectly via managed funds like PRIME — are becoming a popular hedge against equity market volatility and low-interest fixed deposits. This move also reflects a broader trend of "value creation through transformation" — where distressed or under-utilised assets are revamped to create premium, ESG-compliant commercial hubs. Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers, called the transaction a "testament" to the firm's ability to turn around distressed assets and extract long-term value. He added that the complete revival of Prius Platinum highlights Kotak's sustainability-led asset management strategy. NCW (Nuvama-Cushman JV): A 50:50 joint venture between Nuvama Asset Management (the alternative investment arm of Nuvama Wealth Management Ltd) and Cushman & Wakefield, a global real estate services firm. Their Prime Offices Fund received Sebi approval in 2024 and had its first close in 2025. It targets high-growth office spaces across India. Kotak Alternate Asset Managers Limited: A part of the Kotak Mahindra Group, Kotak Alt has managed over $22 billion across private equity, real estate, infrastructure, and credit. Their real estate vertical focuses on value investing and revival strategies.
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Business Standard
27-05-2025
- Business
- Business Standard
Prime Fund buys Saket's Prius Platinum office asset from Kotak Alt
PRIME Fund acquires 0.3 million sq ft office space in South Delhi's Saket from Kotak consortium, aiming to build a sustainable, high-yield commercial portfolio Mumbai Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), announced the acquisition of Prius Platinum, a grade-A office space in South Delhi's Saket District Centre. The property has been acquired from a fund consortium led by Kotak Alternate Asset Managers (Kotak Alt). PRIME is a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield. Spanning across 0.3 million square feet, the property was acquired by the Kotak consortium through the Insolvency and Bankruptcy Code (IBC) process in 2021. The property is 95 per cent leased. It provides rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods, assuring long-term income. Gaurav Puri, Chief Investment Officer, NCW, said, 'This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund's strategy of creating a high-quality, sustainable, income-generating portfolio. With India's commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors.' The asset boasts a tenant stack including leading legal, pharmaceutical and financial institutions in India, as well as other front office tenants. 'This acquisition reinforces Prime Fund's strategy of investing in high-quality office spaces across India's prime commercial hubs,' the fund stated. Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers, said, 'We are proud of the journey this asset has undergone – from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to the strength of our asset management capabilities and our ability to create long-term value for stakeholders through sustainability-focused strategies.' Besides, the total fund size of PRIME is ₹3,000 crore. The fund achieved its first close at almost ₹1,700 crore in January 2025. Going ahead, it will focus on grade-A 'offices of the future' across the top Indian cities for the fund's deployment.
Hindustan Times
27-05-2025
- Business
- Hindustan Times
NCW Prime Offices Fund acquires 3 lakh sq ft commercial property in Delhi from Kotak-led consortium for around ₹750 cr
Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), a joint venture between Nuvama Asset Management Limited and Cushman and Wakefield, announced on May 27 the acquisition of Prius Platinum, a premium Grade A office space in South Delhi's Saket District Centre, for around ₹750 crore. The 3 lakh sq ft operational property was acquired from a fund managed by Kotak Alternate Asset Managers Limited led consortium, the company said in a statement. Sources told that the premium Grade A office space in South Delhi was acquired for around ₹750 crore. They said the monthly rent is around ₹5 to ₹6 crore. Spanning across 3 lakh the property was acquired by the Kotak consortium through the IBC process in 2021. Since then, it has undergone a comprehensive transformation including upgrades, ESG initiatives and enhancing operational performance. These concerted efforts have led to an increase in leasing activity. The transaction marks a significant milestone in the firm's value-creation strategy and commitment to sustainability-driven investments, the statement said. The property is 95% leased. It provides stable rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods, ensuring long-term income stability. The asset boasts of a marque tenant stack including leading legal, pharma and financial institutions of India and other front office tenants. This acquisition reinforces PRIME fund's strategy of investing in high-quality office spaces across India's prime commercial hubs, the statement said. JLL India was the transaction advisor for the deal. The consultancy did not comment on the transaction. 'We are excited to acquire Prius Platinum. This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund's (PRIME) strategy of creating a high quality, sustainable, income-generating portfolio. With India's commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors,' said Gaurav Puri, CIO, NCW. 'We are proud of the journey this asset has undergone — from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to the strength of our asset management capabilities and our ability to create long-term value for stakeholders through sustainability-focused strategies,' said Rahul Chhaparwal at Kotak Alternate Asset Managers Limited. Nuvama and Cushman & Wakefield Management Private Limited (NCW) is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield. NCW offers full-suite capabilities for investing in commercial real estate and aims to open access for domestic investors to participate in high-quality real estate opportunities. NCW's flagship fund, the Prime Offices Fund (PRIME), received SEBI approval in 2024 and marked its first close in 2025. The fund targets investments in prime commercial office assets across key high-growth micro-markets in India. Kotak Alternate Asset Managers Limited, a part of Kotak Mahindra Group, focuses on alternate asset management and investment advisory businesses. Kotak Alt was set up in early 2005 and has raised/managed/advised over $22 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations, Private Credit and Investment Advisory. The asset management business and investment advisory vertical are managed by independent specialist teams. Also Read: Delhi-NCR is 6th most expensive office market in Asia Pacific, Mumbai is ranked 8th
Observer
26-05-2025
- Business
- Observer
Oman real estate market poised for growth amidst economic diversification
MUSCAT: The Sultanate of Oman's real estate market demonstrated resilience in the first half of 2025, despite global economic uncertainties, according to the latest market research report by Hamptons International. The report highlights steady performance across key submarkets, driven by infrastructure investments, Oman Vision 2040-aligned reforms and a growing emphasis on sustainability and economic diversification. These initiatives have bolstered investor confidence and contributed to the recovery of logistics, tourism and mixed-use assets. SUBMARKET PERFORMANCE AND SECTOR HIGHLIGHTS Muscat emerged as the most active real estate hub, benefitting from government-backed urban development projects and increased demand for high-end residential and commercial properties. Al Duqm continued to attract industrial and logistics investments, leveraging its strategic location and the expansion of the Duqm Special Economic Zone. Suhar maintained steady demand for warehousing and manufacturing spaces, while Salalah's real estate sector thrived on tourism-related developments. The industrial and logistics sector remains one of the most attractive for long-term investors, with yields ranging from 9.5% to 11%. Cold storage, e-commerce fulfilment centres and facilities near free zones such as Suhar and Al Duqm are in high demand, supported by infrastructure growth and trade expansion under Oman Vision 2040. However, Oman still lags behind regional peers like the UAE in ESG-compliant industrial stock. ECONOMIC GROWTH AND MARKET TRENDS Oman's economy expanded by an estimated 2.3% in H1 2025, driven by growth in logistics, manufacturing and tourism. Brent crude oil prices stabilised at an average of $62 per barrel, ensuring fiscal stability and supporting government revenues. Non-oil GDP contributions rose above 35%, signalling progress in reducing reliance on hydrocarbons. Inflation remained moderate at 1.8%, while private sector activity and job creation in emerging industries showed positive momentum. The residential market saw stable demand for mid-income apartments and villas, with rents rising slightly in core Muscat districts such as Al Mouj and Al Qurum. Affordable housing initiatives aligned with Oman Vision 2040 gained traction, while professionally managed gated communities commanded a 10-15% premium over standalone properties. The report projects a compound annual growth rate of 9.19% for the residential real estate market, increasing from $4.75 billion in 2024 to $6.60 billion by 2029. HOSPITALITY AND RETAIL SECTOR INSIGHTS The hospitality sector recorded a rebound in business travel and regional tourism, with hotel occupancy in Muscat averaging 59% in H1 2025. Boutique and eco-resorts gained popularity in Dhofar and Al Jabal Al Akhdhar, supported by government-led sustainable tourism initiatives. The Average Daily Rate for 4- to 5-star hotels grew by 7%, while luxury and eco-tourism hotels reported above-average occupancy rates. Retail performance stabilised in urban malls and destination centres, with Mall of Oman and Oman Avenues Mall maintaining high occupancy rates. A clear trend towards F&B and experiential retail emerged, with landlords adopting hybrid leasing models to attract new tenants. OUTLOOK FOR H2 2025 Looking ahead, Oman's real estate market is expected to maintain steady growth in the second half of 2025, supported by government initiatives, infrastructure expansion and increasing investor interest. Key growth themes include sustained demand for industrial and logistics assets, affordable housing initiatives, tourism-led investments and ESG integration. Strategic projects in Al Duqm, Suhar and Muscat will play a catalytic role, while Salalah and Dhofar are set to benefit from tourism expansion. With Oman Vision 2040 shaping real estate policy and infrastructure spending, Oman's commitment to economic diversification and sustainability positions the sector for continued growth, offering lucrative opportunities for developers and investors alike.
