IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>’s preconditional scheme offer from the consortium is either cash (HK$13.00), scrip or a combination of cash/scrip. The offer is final.</li>
<li>On 7 March, the consortium disclosed two additional irrevocable (3.47% of outstanding shares) and satisfied two regulatory preconditions (UK FCA and Singapore MAS).</li>
<li>Since announcing the offer, peers have materially derated, lowering the vote risk. At the last close and for an end August payment, the gross/annualised spread is 4.5%/10.1%</li>
</ul>



ESR Group (1821 HK)’s preconditional scheme offer from the consortium is either cash (HK$13.00), scrip or a combination of cash/scrip. The offer is final.
On 7 March, the consortium disclosed two additional irrevocable (3.47% of outstanding shares) and satisfied two regulatory preconditions (UK FCA and Singapore MAS).
Since announcing the offer, peers have materially derated, lowering the vote risk. At the last close and for an end August payment, the gross/annualised spread is 4.5%/10.1%


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>70% of Senior Directors are confident in data centres, showing faith in their reliability and efficiency despite challenges.</li><li>HPL's acquisition of InterContinental Auckland for $102M marks its entry into the New Zealand market, expanding its portfolio.</li><li>Stuart Grant's appointment as head of Hongkong Land's $8B Shanghai project highlights the company's commitment to growth and development in the region.</li></ul>

70% of Senior Directors are confident in data centres, showing faith in their reliability and efficiency despite challenges.HPL's acquisition of InterContinental Auckland for $102M marks its entry into the New Zealand market, expanding its portfolio.Stuart Grant's appointment as head of Hongkong Land's $8B Shanghai project highlights the company's commitment to growth and development in the region.

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

EPL Ltd (fka Essel Propack) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indorama-ventures-pcl" target="_blank" data-smartkarma-citation="entities:18105:1" rel="noopener">Indorama Ventures (IVL TB)</a> is acquiring a 24.9% stake in <a href="https://www.smartkarma.com/entities/epl-ltd" target="_blank" data-smartkarma-citation="entities:6958:1" rel="noopener">EPL Ltd (fka Essel Propack) (EPLL IN)</a> from Blackstone at Rs 240, marking a major entry into India’s packaging market.</li>
<li>This deal strengthens EPL’s growth and sustainability, unlocking cross-border synergies and driving competitiveness in the global specialty packaging sector.</li>
<li>It redefines investment dynamics in Indian packaging sector, emphasizing sustainable growth and long-term value creation, challenging traditional global investment paradigms.</li>
</ul>



Indorama Ventures (IVL TB) is acquiring a 24.9% stake in EPL Ltd (fka Essel Propack) (EPLL IN) from Blackstone at Rs 240, marking a major entry into India’s packaging market.
This deal strengthens EPL’s growth and sustainability, unlocking cross-border synergies and driving competitiveness in the global specialty packaging sector.
It redefines investment dynamics in Indian packaging sector, emphasizing sustainable growth and long-term value creation, challenging traditional global investment paradigms.


Event Driven: Indorama Bought Strategic Stake in EPL~ A New Chapter in Global Packaging

<ul><li>Bain Capital acquires worker housing in Singapore for $555M from Blackstone, expanding their real estate portfolio in the region.</li><li>Standard Chartered Marketing Shanghai Office Blocks due to BlackRock default, highlighting the impact of financial decisions on commercial real estate.</li><li>PAG successfully raises $4B for APAC real estate fund, demonstrating investor confidence in the region's property market despite economic uncertainties.</li></ul>

Bain Capital acquires worker housing in Singapore for $555M from Blackstone, expanding their real estate portfolio in the region.Standard Chartered Marketing Shanghai Office Blocks due to BlackRock default, highlighting the impact of financial decisions on commercial real estate.PAG successfully raises $4B for APAC real estate fund, demonstrating investor confidence in the region's property market despite economic uncertainties.

Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.

Japan Hotel Reit Investment / Equity Bottom-Up

<ul><li>KKR and Gaw are in talks for a $660M sale of Hyatt Regency Tokyo to Japan Hotel REIT, potentially reshaping the hospitality market.</li><li>Singapore worker housing rents have surged by 10.8% in the second half of 2024, attributed to a significant increase in labor influx.</li><li>Despite falling rent trends in APAC office markets, Australia and Japan have shown resistance, according to Knight Frank's report.</li></ul>

KKR and Gaw are in talks for a $660M sale of Hyatt Regency Tokyo to Japan Hotel REIT, potentially reshaping the hospitality market.Singapore worker housing rents have surged by 10.8% in the second half of 2024, attributed to a significant increase in labor influx.Despite falling rent trends in APAC office markets, Australia and Japan have shown resistance, according to Knight Frank's report.

Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.

United States

Blackstone Inc. operates as an investment company. The Company focuses on real estate, hedge funds, private equity, leveraged lending, senior debts, and rescue financing. Blackstone serves customers worldwide.

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Blackstone (BX US)

ESR Group (1821 HK): Steady Progress

The additional irrevocable and material derating of peers lowers the vote risk. The consortium is making steady progress in satisfying the...

Arun George

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

Senior Directors optimistic about data centres but concerned about talent shortage, HPL acquires InterContinental Auckland for $102M, Hongkong Land...

Asia Real Estate Tracker

Event Driven: Indorama Bought Strategic Stake in EPL~ A New Chapter in Global Packaging

Indorama Ventures acquires 24.9% stake in EPL Ltd from Blackstone at Rs 240, marking a major entry into India’s packaging market, driving...

Nimish Maheshwari

Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.

Bain Capital acquires worker housing in Singapore, Standard Chartered faces marketing office blocks default, PAG raises $4B for APAC fund, and PGIM...

Asia Real Estate Tracker

Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.

KKR and Gaw in talks to sell Hyatt Regency Tokyo, Singapore worker housing rents rise 10.8%, Aus & Japan office markets bucking regional trend.

Asia Real Estate Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ESR Group (1821 HK): Steady Progress

The additional irrevocable and material derating of peers lowers the vote risk. The consortium is making steady progress in satisfying the...

Arun George

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

Senior Directors optimistic about data centres but concerned about talent shortage, HPL acquires InterContinental Auckland for $102M, Hongkong Land...

Asia Real Estate Tracker

Event Driven: Indorama Bought Strategic Stake in EPL~ A New Chapter in Global Packaging

​Indorama Ventures acquires 24.9% stake in EPL Ltd from Blackstone at Rs 240, marking a major entry into India’s packaging market, driving...

Nimish Maheshwari

Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.

Bain Capital acquires worker housing in Singapore, Standard Chartered faces marketing office blocks default, PAG raises $4B for APAC fund, and PGIM...

Asia Real Estate Tracker

Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.

KKR and Gaw in talks to sell Hyatt Regency Tokyo, Singapore worker housing rents rise 10.8%, Aus & Japan office markets bucking regional trend.

Asia Real Estate Tracker

Indorama Ventures acquires 24.9% stake in EPL Ltd from Blackstone at Rs 240, marking a major entry into India’s packaging market, driving...