Dalian Wanda invests in India
Chinese conglomerate Dalian Wanda has signed a preliminary agreement with the Indian government for a $10bn (£7bn) industrial development zone. The plans for Wanda Industrial New City in India’s Harayana state envisage 13 sq km of development in its first phase.
Thinking thin in NYC
A site in New York’s Midtown Manhattan earmarked for a 700ft skinny residential tower is for sale. The site, at 12-14 East 37th Street, has a 51ft by 10ft footprint but is not subject to height restrictions. Turkish developer Nef was set to buy the site last year but the deal collapsed. Agent Ackman Ziff has been appointed by owner Morris Bildirici to find a new buyer. It is seeking offers of close to $75m (£53m).
Savills plans $1bn Asia fund
Savills Investment Management is to launch a $1bn (£700m) Asia core-plus fund. The new vehicle, known as Savills IM Asia Fund 3, will be the successor to Savills Asia Fund II, a €200m (£152m) closed-ended fund that was launched before Savills IM’s takeover of SEB. It will be a pan-Asian fund investing in income-producing assets.
BMO goes shopping in Spain
BMO Real Estate has made its second pan-European acquisition in Barcelona, Spain, paying €45m (£34m) for a 12,227 sq ft building on famous shopping street Paseo de Grácia. It recently launched a European investment strategy, targeting European assets. Catella advised on the purchase.
New head for M&G Asia
Ng Chiang Ling has been appointed as chief executive of M&G Real Estate Asia, replacing Scott Girard. Ng joined M&G Real Estate Asia in January 2014 as director of acquisitions.
