ARA Asset Management

[opmi]

http://hkm.appledaily.com/detail.php?guid=19800039&category_guid=15307&category=daily&issue=20161014

■從打工仔角度看，趙國雄今次肯定拿捏錯主子心思。　資料圖片 

「神以前都係人，不過佢做到人做唔到嘅嘢，之後佢就係神」，電影《頭文字D》的一句經典對白，與近日觸礁的長實（1113）「樓神」趙國雄相映成趣，原來面對官字兩個口，老闆三個口，有些局面確是神仙難救。

由趙國雄擔任主席的泓富產業信託（808），近日斥資18.75億元收購觀塘物業，在大股東長實地產事先張揚投反對票下，被逾六成反對票推翻，爛刁收場。這宗2016年財金界花生之作，雖然沒有引起傳媒大篇幅報道，但確實有其玩味、警世的地方，讓打工仔引以為戒。

泓富在9月12日發出上市公司通告和通函，公佈以總代價18.75億元收購觀點中心，且形容作價較獨立估值折讓5%。泓富翌日本來有記者會解畫，最後趙國雄卻「因事缺席」臨時取消，這看似平平無奇，卻原來暗藏玄機。事件至《經濟日報》9月23日的花生報道升溫，報道引述泓富一名機構投資者（Institutional investors，I.I.）力陳這宗收購的三宗罪：估值高、回報低、拉高借貸比率。

不過長和系做刁被I.I.反對又有幾奇，君不見當時長建（1038）與電能（006）合併一樣被質疑？但今次持有泓富18.98%的大股東長實，居然出公開信與泓富割蓆，在9月27日向泓富發信表明會投票反對收購，儼如老細ban橋。泓富把事件冚埋四個交易日，才發出通告交代長實的意向，而趙國雄被傳媒追問機構投資者反對之事時，無厘頭回答：「You always agree with your boss！」當時大家以為他只是引用財爺金句，現在馬後炮回看，原來話中有話。

從今次長實高姿態地反對收購，明顯看出有長實高層不滿，對此本欄有個大膽推測：泓富一直按規例保守秘密，沒有向長實偷步披露半點收購的風聲。但從打工仔角度睇，代表長實的兩名非執行董事，趙國雄和馬勵志今次肯定拿捏錯主子心思。試問若然他們早在交易建議呈交到董事局審議前已「猜中」大股東心意，也不會變成米已成炊才被長實高調反對的尷尬局面。

區區一單刁爛尾事小，但最終竟勞煩老細當眾出手否決。結局大概未完，姑且買定花生，睇睇樓神之後如何鉅細無遺交代一下吧。

十一少

[cyclone]

Establishment of ARA HARMONY VI to invest in Century Link

ARA Asset Management Limited ("ARA" or the "Group") is pleased to announce that the Group has successfully established ARA Harmony VI ("Harmony VI") to invest in Century Link, a newly-completed premium-grade integrated commercial property located in the heart of Lujiazui Finance and Trade Zone in Pudong New District, Shanghai, China. The agreed property value is RMB20 billion (approximately S$4.1 billion,  based on exchange rate of 1 SGD: RMB 4.8708 as at 25 October 2016 ), which makes it the biggest single-asset property transaction in Asia Pacific this year.

Century Link is a mixed-use development comprising two high-rise office towers, a six-storey retail podium and 1,275 car parking spaces with total gross floor area of approximately 362,361 square metres. Sited directly atop the city’s only four-subway line interchange hub and within the country’s leading financial district, Century Link is ideally positioned to attract office tenants prioritising location, prime Grade A office specifications, connectivity and amenities, and retail customers city-wide. It is expected to benefit from the strong office and residential population catchment, as well as the long-term growth potential of the area.

More details in http://infopub.sgx.com/FileOpen/ARA%20Pr...eID=426327

[orangesundayyy]

S$4.1 billion, that's quite a lot of recurring income going forward for ARA just from this acquisition alone.

[Boon]

The seller is Superman’s CK Properties
 
http://www.reuters.com/article/cheung-ko...Q220150803
 
http://www.scmp.com/news/china/article/1...llion-yuan
______________________________________________________________________________________________________________________________________

[specuvestor]

^^ When superman sells... but at least he will leave some scraps on the table type

^^ Agree, but the other way to look at it is ARA is not where it is without CK. For some reason LKS is willing to give John Lim a hand.

Remains to be seen if Straits Trading can give a better hand

When LKS sells....

[Boon]

LI KA-SHING SELLS ASIA’S PRICIEST BUILDING TO CHINA LIFE-LINKED FUND FOR $2.96B

2016/10/27 BY MICHAEL COLE 

http://www.mingtiandi.com/real-estate/pr...for-2-96b/
_____________________________________________________________________________________________________

[cfa]

ARA and its related reits bought many properties from CK group before .

[cyclone]

Request for Trading Halt : Pending release of an announcement.

[gutman]

There seem to be a buyout coming.... 

Article from The Wall Street Journal : 

Consortium Considers $1 Billion Buyout of Singapore Property Manager

Group of investors includes ARA Asset Management’s founder, Warburg Pincus


A consortium of investors including the company’s founder and U.S. private-equity firm Warburg Pincus LLC is considering a buyout offer for Singapore-listed real-estate fund manager ARA Asset Management Ltd., according to people familiar with the situation.

ARA Asset Management, which currently has a market capitalization of 1.4 billion Singapore dollars (US$1 billion), manages property assets valued at S$30 billion. It has properties across Asia including shopping malls, offices and logistics facilities held through real-estate investment trusts and private funds.

The buyout consortium will be led by ARA’s founder, John Lim, and includes other existing shareholders whose total holdings represent a combined 47% of the shares outstanding, the people familiar with the situation said.


ARA called for trading in its shares to be halted pending an announcement Thursday, after the Singapore Exchange asked the company about unusual trading activity in its shares.

The stock had risen 6% Thursday to S$1.495 from Wednesday’s close of S$1.410 before the company called for a trading halt.

Mr. Lim owns a 19% stake in ARA, while Straits Trading Co.—a resources and property firm—owns a 20.1% stake. Hong Kong tycoon Li Ka-shing’s Cheung Kong Property Holdings Ltd. owns a 7.84% stake.

Mr. Lim declined to comment. Straits Trading and Cheung Kong didn’t reply to emails seeking comment. A Warburg Pincus spokeswoman declined to comment.

According to Singapore takeover rules, if an investor takes a stake of 30% or more in a publicly traded company, the buyer needs to make an offer for the entire firm.

The buyout plan, if successful, would be the latest in a series of billion-dollar deals in which listed Singapore companies have been either taken private by the majority shareholders or foreign firms.

Earlier this year, French shipper CMA CGM SA took Singapore based Neptune Orient Lines private in a US$2.4 billion deal. In July, state-investment firm Temasek Holdings Ltd. made an offer to buy shares of Singapore rail and bus operator SMRT Ltd. that it didn’t already own. The deal valued the transport operator at US$1.9 billion.

ARA, which was founded in 2002 with the backing of Mr. Li, one of Asia’s richest tycoons, manages eight real-estate investment trusts including Suntec Real Estate Investment Trust in Singapore and Hui Xian REIT in Hong Kong.

[opmi]

How market crash when SGX companies whole day kenna privatised?

I think the recent spate of buyouts is due to mega PE funds raised by KKR, Carlyle, etc. Need to put the billions to work..

Maybe it was a sign when Roast duck Aztech makes a buyout offer...haha..