cheung kong holdings ltd (CHEUF) Key Developments
Mitsubishi Corporation Establishes Aircraft Leasing Joint Venture with Cheung Kong
Nov 6 14
Mitsubishi Corporation has entered into an agreement with Cheung Kong (Holdings) Limited (CK) to newly establish a joint venture (JV) dedicated to aircraft leasing. CK will own 60% and MC Aviation Partners (MCAP) 40% of the JV. Based on the agreement, MCAP will transfer to the JV a seed portfolio of 15 aircraft, out of the approximately 100 aircraft that it owns or manages. The JV will open offices in Hong Kong and Ireland, two key hub stations in aircraft lease and financing. The JV will also enter into a servicing agreement with MCAP, who will introduce/evaluate/recommend deals for the JV to purchase/sale/remarket aircraft assets. The JV will also raise capital from a syndication of financial institutions.
Investors Reportedly To Acquire Terra Firma's Aircraft Leases
Oct 7 14
Macquarie Group Limited (ASX:MQG) is among parties that lodged a second-round bid for a $5 billion portfolio of aircraft leases being sold by Terra Firma Capital Partners Limited. Prospective buyers including Macquarie lobbed second-round bids late last month, sources said, and expectations are the auction could progress to a third and final round. Macquarie is up against a big line-up of rival suitors with Cheung Kong (Holdings) Limited (SEHK:1), SMBC Aviation Capital and ORIX Corporation (TSE:8591) among companies believed to have submitted a second round offer. Bidders are awaiting feedback from sell-side advisers Deutsche Bank and Goldman Sachs. The up-for-sale book is part of a larger aircraft portfolio which is being split up by Terra Firma. But it will take more than a potential Macquarie aircraft leasing deal to ensure 2014 is remembered as a decent year for merger and acquisition volumes in Australia.
Enbridge Pulls Out From Bidding For BG Assets
Sep 25 14
Enbridge Inc. (TSX:ENB) has pulled back from bidding consortium for BG Group plc’s (LSE:BG.) Queensland gas pipeline assets. The consortium is led by IFM Investors. According to the news report, it is understood that Enbridge has decided back off because the structure of the sale, in which BG is looking for bids of around $4, does not fit with the company’s strategy. BG is looking for investors for the pipeline. Backing out of Enbridge leaves IFM with only one partner in the process, QIC Limited, and the partners are still evaluating the opportunity. According to the report, Enbridge’s move follows the exit of another consortium led by Hastings Fund Management (USA) Inc., which pulled out the race earlier. It is believed the Hastings consortium, which included Borealis Infrastructure Trust and Germany’s Allianz SE (DB:ALV), dropped out for similar reasons to Enbridge and will focus instead on bidding for the Port of Melbourne. DataRoom reported earlier that Cheung Kong (Holdings) Limited (SEHK:1) and APA Group (ASX:APA) were also bidding for the pipeline. BG expects to finalize the sale within 2014. Goldman Sachs is advising BG on the sale.
SMBC Reportedly Bids For Aircraft Portfolio Of AWAS
Sep 17 14
Sumitomo Mitsui Financial Group, Inc. (TSE:8316 intends to increase its aircraft-leasing business. SMBC Aviation Capital, a joint venture between Sumitomo Mitsui and Sumitomo Corp., is among the bidders considering acquiring the $5-billion aircraft portfolio of AWAS Aviation Capital, according to people familiar with the deal. The second round of bids held by Terra Firma Capital Partners Limited is due September 18, 2014. ORIX Corporation (TSE:8591), Macquarie Group Limited (ASX:MQG), Hong Kong Aviation Capital Limited and Cheung Kong (Holdings) Limited (SEHK:1),according to the people, who spoke on condition of anonymity. Wall Street Journal added that Sumitomo Mitsui's spokesman declined to comment.
18 Developers Bid For First Commercial Site In Kowloon
Aug 29 14
Middle Road site attracted 18 bidders from developers in the district's first government tender in 16 years on August 28, 2014. It is the only site in the district released for sale after 1998 and could be worth up to HKD 4.5 billion. Cheung Kong (Holdings) Limited (SEHK:1), Sun Hung Kai Properties Limited (SEHK:16), Henderson Land Development Co. Ltd. (SEHK:12), New World Development Company Limited (SEHK:17) and Wheelock Properties (Singapore) Limited (SGX:M35) were among the large developers that submitted bids. Sino Land Company Limited (SEHK:83) teamed up with Chinese Estates Holdings Ltd. (SEHK:127), CSI Properties Limited (SEHK:497) and Chuang's China Investments Ltd. (SEHK:298) in a joint bid. Shimao Property Holdings Ltd. (SEHK:813) and small developers Tai Cheung Holdings Limited (SEHK:88), Emperor International Holdings Limited (SEHK:163), Dorsett Hospitality International Limited (SEHK:2266), Billion Development and Project Management Limited, ITC Properties Group Limited (SEHK:199) and a consortium of Paliburg and Regal Hotels International also put in bids. Surveyors estimated the site could be worth between HKD 3.4 billion and HKD 4.5 billion.