Kaisa China’s first dollar default
Kaisa Group Holdings has become the first Chinese real estate company to default on dollar-denominated debt. The default came after the firm missed $52m (£34.8m) of interest payments on the debt, and a 30-day grace period to meet the payments expired.
Prologis buys US shed specialist
Prologis has bought US industrial specialist KTR Capital Partners for $5.9bn (£3.9bn) in a joint venture with Norges Bank Investment Management. The deal includes 60m sq ft of assets in the US, most of which are in southern California, New Jersey, Chicago, south Florida, Seattle and Dallas. It also includes 3.6m sq ft of ongoing development and a landbank with potential for 6.8m sq ft of further development.
See finance, page 38
Crowdfunding takes off in China
China’s Greenland Group has teamed up with Alibaba to crowdfund developments. The Shanghai-based propco sold out its first online debt offering within 30 minutes, raising RMB200m (£22m) through Alibaba’s Ant Financial service and Ping An’s sales platform.
IVG buys ECB tower
IVG Immobilien has paid €480m (£345.2m) to acquire Frankfurt’s Eurotower on behalf of a German pension fund. The 40-storey tower is let to the European Central Bank. The ECB plans to house its banking regulators in the building, which was previously owned by RFR Holding.
Fosun splashes $800m
Fosun has lined up $800m (£535m) of property deals in Italy and Australia. The Chinese investor will pay $372m for Milan office block Palazzo Bruggi. It also plans to invest $508m in three residential schemes in Sydney and Brisbane which will deliver a total of 1,000 homes. They will be built in joint venture with EG Funds Management.
jack.sidders@estatesgazette.com
