Australia approves USD 20 billion solar project to power 3 million homes
Author : PNT Bureau
The Australian government has approved the Australia-Asia Power Link, set to be the world's largest solar precinct, generating 4 gigawatts of electricity per hour. Covering 12,000 hectares in the Northern Territory, the project will power 3 million homes and feature a proposed undersea cable to export 2 gigawatts of surplus energy to Singapore. With an investment exceeding USD 20 billion, it will create 6,800 jobs annually and impact the local economy significantly. Expected to finalise by 2027, the initiative aims to enhance Australia's role in the global renewable energy market and address pressing environmental challenges....
Blackstone sells 3,000 homes to UK's USS pension fund
Author : PNT Bureau
Blackstone has completed the sale of a property portfolio to the Universities Superannuation Scheme (USS), a pension fund for academia, in a transaction valued at GBP 405 million (USD 519 million). USS, which manages assets exceeding GBP 75 billion (USD 96 billion), acquired 3,000 homes as part of the deal. This strategic acquisition is expected to bolster USS's real estate holdings, further diversifying its investment portfolio.Shared ownership allows people to buy part of a property, with the option to buy furthermore, later on. Major investors are increasingly focusing on UK housing due to high demand and limited supply....
Netherlands attracts global investors with diverse opportunities across key cities and sectors
Author : PNT Bureau
The Netherlands, with a population of 17.7 million and a strategic location in north-western Europe, remains a prime destination for global investors. Offering a well-connected infrastructure, the country boasts Europe's largest seaport in Rotterdam and a financial hub in Amsterdam. Cities like Eindhoven and Utrecht are emerging as centers for innovation in biomedical technology and IT, while Tilburg and Breda attract investment in logistics and the food industry. As a result, the Netherlands continues to provide diverse and stable investment opportunities across its economic landscape, appealing to international businesses....
UBS will liquidate a USD 2 billion real estate fund amid an office market downturn
Author : PNT Bureau
UBS announced it will liquidate a USD 2 billion real estate fund acquired during its takeover of Credit Suisse, citing significant investor redemption requests and challenging commercial property markets. The fund, heavily invested in office properties, struggled amid declining property values and rising vacancy rates post-pandemic. UBS determined that winding down the fund was preferable to selling assets at a loss. This decision reflects broader issues in commercial real estate, where companies like Blackstone and Starwood have also faced difficulties. UBS's move aims to protect remaining investors while navigating ongoing market challenges....
Start Campus expands with a sustainable data center in Portugal
Author : PNT Bureau
Start Campus, a sustainable data centre company, has secured additional power from REN, Portugal's grid operator, increasing SINES DC's total IT capacity to 1.2 GW. This makes it Europe's largest colocation site with fully secured grid power. The campus will feature six buildings developed until 2030, using seawater cooling for enhanced efficiency and reduced environmental impact. CEO Rob Dunn emphasised the project's significance in setting new industry standards. The expansion aligns with REN's investment in the Sines area's transmission network. Start Campus aims to support regional development and contribute to Portugal's renewable energy initiatives while meeting the growing demand for large-scale, AI-ready, and sustainable data centre solutions....
Sweden's EQT to acquire PropertyGuru in a USD 1.1 billion transaction
Author : PNT Bureau
Swedish investment firm EQT AB has acquired Singapore-based online real estate platform PropertyGuru in an all-cash deal worth USD 1.1 billion. PropertyGuru's shareholders will receive USD 6.70 per share, a 7% premium over its last closing price. Managed by EQT Private Capital Asia, the deal will result in PropertyGuru's delisting. Top shareholders TPG and KKR hold 29.58% and 26.52% stakes, respectively. This acquisition strengthens EQT's portfolio in Asia, aligning with its strategy to expand in the technology and real estate sectors. The move supports PropertyGuru's growth and expansion across Southeast Asia's dynamic markets....
Kaisa Group restructures USD 12 billion offshore debt, urges creditors to agree by September 12
Author : PNT Bureau
Kaisa Group, China's second-largest offshore debt issuer among property developers, has announced a new restructuring plan for its USD 12 billion offshore debt. The agreement involves swapping existing debt for new notes and shares, with six tranches of senior notes maturing between 2027 and 2032. The restructuring effort, essential for stabilising Kaisa amid the Chinese property sector crisis, includes a consent fee for creditors who agree by September 12. As the company seeks to restore investor confidence, the outcome of this restructuring could signal broader trends in China's real estate market....
Sunac China projects 15 billion yuan loss in H1 2024
Author : PNT Bureau
Sunac China, a player in the Chinese property sector, forecasts a 15 billion yuan (USD 2.10 billion) loss for the first half of 2024, marking its third consecutive half-year loss. The company attributes the loss to declining sales and market volatility, as China's property market struggles with the fallout from stricter government regulations and a liquidity crisis. Despite government support measures, the sector faces ongoing challenges, including falling home prices and declining consumer confidence. Sunac's upcoming financial results, expected by the end of August, will be crucial in assessing its recovery prospects....
ANZ reports 5 basis point increase in overdue home loans, sets aside AUD 45 million for bad debts
Author : PNT Bureau
Australia's ANZ Group has reported a 5 basis point rise in overdue home loans, with payments over 90 days late now at 84 basis points. Inflation and high borrowing costs are straining household budgets, leading ANZ to increase its bad debt provision to AUD 45 million. Despite these challenges, ANZ's total loan book grew by 3% in Q3, with significant gains in institutional lending. The bank maintains a strong CET1 ratio of 13.3%, though it faces regulatory scrutiny over potential misreporting of government bond trades....
Bellway sees 31% revenue drop to GBP 2.35 billion and GBP 1.41 billion order book rise
Author : PNT Bureau
British homebuilder Bellway reported a smaller-than-expected 31% decline in annual revenue, reaching GBP 2.35 billion, reflecting a gradual recovery in buyer confidence amid easing cost-of-living pressures. Lower mortgage rates, following the Bank of England's rate cuts, have made home loans more affordable, boosting demand. Bellway's forward order book increased to GBP 1.41 billion, signaling rising market optimism. Government initiatives under the new Labour administration to address housing shortages, along with positive trends from major competitors like Persimmon and Taylor Wimpey, further support the potential for a robust housing market recovery in the coming months....
This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Prop News Time for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Prop News Time will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 (“RERA”) and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Prop News Time accepts no responsibility for keeping the information on this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Prop News Time does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention of third-party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Prop News Time accepts no responsibility for the content, reliability and information provided on these third-party websites. Prop News Time will not be held liable for any personal information or data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Prop News Time is not liable for the same. All details in the form of news stories, photos and videos provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. This Site is for guidance only. Your use of this Site – including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional–client relationship between you and Prop News Time. Prop News Time cannot accept you as a client until certain formalities and requirements are met.
Cookie Disclaimer
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy
