Tag Archives: 阿里巴巴

Perennial-led Consortium to Divest 50% Stake in AXA Tower, Singapore to Alibaba Singapore at an Agreed Property Price of S$1.68 Billion

Forms new consortium with same investors, and jointly with Alibaba Singapore, redevelop AXA Tower

(Singapore, 6 May 2020)

Perennial Real Estate Holdings Limited (“Perennial”) has through Perennial Shenton Investors Pte. Ltd. (“PSIPL”), a Perennial-led entity comprising a consortium of investors, entered into a share purchase agreement (“SPA”) with a subsidiary (“Alibaba Singapore”) of Alibaba Group Holding Limited(“Alibaba”), a company listed on the New York Stock Exchange and the Hong Kong Exchanges and Clearing Limited, for the sale of a 50% stake (the“Sale Shares”) in Perennial Shenton Holding Pte. Ltd. (“PSHPL”) and the transfer of 50% of the shareholders’ loan outstanding (the “Loan”) to Alibaba Singapore based on an agreed property price of S$1.68 billion (the “Agreed Property Price”) (the “Sale”).

PSHPL indirectly owns AXA Tower, a 50-storey landmark Grade ‘A’ office development with a retail podium sited within Singapore’s Central Business District (“AXA Tower”). Perennial currently indirectly owns an effective 31.2% stake in AXA Tower.

Concurrently, Perennial has together with the same consortium of investors formed a new entity, PRE 13 Pte. Ltd. (“Perennial Newco”), and through PSIPL, transferred the remaining 50% equity stake (the “Balance Shares”) in PSHPL and 50% of the Loan Outstanding (the“Share Transfer”) to Perennial Newco. Perennial will indirectly own a 20% stake in Perennial Newco and an effective 10% stake in AXA Tower.

Upon completion of the Sale and the Share Transfer (together, the “Transaction”), which is expected to take place around June 2020, subject to the conditions precedent being satisfied, Perennial Newco and Alibaba Singapore will enter into a joint venture agreement for the redevelopment of AXA Tower.

Perennial’s share of the net proceeds following the Transaction is expected to be approximately S$196.4millionand its share of the divestment gain is approximately S$45million. The balance proceeds, after Perennial’s reinvestment into Perennial Newco, is expected to be approximately S$137.6 million.

AXA Tower currently has an existing gross floor area (“GFA”) of approximately 1.05 million square feet (“sq ft”). Based on Urban Redevelopment Authority’s Master Plan 2019, AXA Tower has already secured an approved uplift in its gross plot ratio which would increase the development’s existing GFA from approximately 1.05 million sq ft to approximately 1.24 million sq ft. Approval has also been obtained to further increase AXA Tower’s GFA to 1.55 million sq ft should it integrate hotel and residential usage under the CBD Incentive Scheme.

Mr Pua Seck Guan, Chief Executive Officer of Perennial, said, “The divestment of AXA Tower aligns with our capital recycling strategy to deliver a divestment gain, while retaining our involvement to create value via the redevelopment of the prime property which is strategically sited within the Greater Southern Waterfront with breathtaking sea views. Alibaba is already an anchor tenant at AXA Tower, and we are pleased to have their support in creating an iconic landmark in Singapore’s CBD.”

Brief Details on the Transaction

The consideration for the Sale Shares is based on the net asset value (“NAV”) of PSHPL as at closing, calculated based on the Agreed Property Price, and subject to certain adjustments for the NAV of PSHPL as at closing. The consideration for the Sale Shares was determined after arm’s length negotiations between PSIPL and Alibaba Singapore, taking into consideration the current market value of AXA Tower. The consideration for the Loan will be 50% of the principal outstanding under the Loan as at closing.

Within the prescribed period after the execution of the SPA, a deposit of S$16 million will be paid into an escrow account which will be retained by PSIPL on closing. The balance consideration for the Sale Shares and the Loan will be paid in cash, once such computation has been derived based on the agreed terms in the SPA. The completion of the Sale is subject to the satisfaction or waiver of the condition that Perennial Shenton Property Pte. Ltd. secure financing for a principalamount of not less than 65% of the Agreed Property Price and other customary conditions precedent.

The consideration for the Balance Shares is based on the NAV of PSHPL as at closing, calculated based on the Agreed Property Price, and subject to certain adjustments for the NAV of PSHPL as at closing. The consideration for the Balance Shares was determined after arm’s length negotiations between PSIPL and Perennial Newco taking into consideration the Agreed Property Price. The consideration for the Loan will be 50% of the principal outstanding under the Loan as at closing.

The proceeds received by PSIPL from the Sale and the Balance Shares will be upstreamedproportionately to Perennial and the consortium members in accordance with their shareholding in PSIPL. Perennial will then utilise a portion of such proceeds to reinvest in the Perennial Newco.

 

CapitaLand marks strategic collaboration with Alibaba Group with agreement to manage Alibaba’s Shanghai headquarters and launch of online mall on Lazada Singapore

Alliances underscore the Group’s omni-channel strategy to enhance O&O offerings of its real estate business

Singapore, 23 August 2017 – CapitaLand is advancing its omni-channel strategy by forging alliances with two leading e-commerce players in its core markets. In China, CapitaLand has inked an agreement to manage Alibaba Shanghai Center, the e-commerce conglomerate’s new Shanghai headquarters comprising four office towers and a retail podium. This marks the start of strategic collaboration between CapitaLand, one of Asia’s leading real estate companies; and Alibaba Group, Asia’s largest e-commerce company, to reinvent modern retail through the seamless integration of offline and online (O&O) channels.

In Singapore, CapitaLand has signed an agreement to launch an exclusive online mall on Lazada Singapore, which is part of Lazada Group, Southeast Asia’s largest e-commerce platform. The shop-in-shop on Lazada.SG will position CapitaLand as Singapore’s first omni-channel retail landlord that connects retailers to shoppers both offline and online, complemented by a unique in-mall collection service for shoppers.

Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “Even as new technologies disrupt traditional business models, real estate remains an important part of a holistic customer journey, as affirmed by leading digital players who are seeking to gain a foothold in the physical space. CapitaLand is excited to collaborate with leading digital economy players like Alibaba and Lazada on this transformational journey and we look forward to creating win-win outcomes for all parties. We will continue to work with our business partners and forge new strategic alliances to future-enable our properties and support our retailers in embracing an omni-channel business model that meets the needs of consumers.

“The key to unlocking the next stage of growth lies in blending physical and digital channels to create a seamless O&O experience that is sought after by consumers. We will continue to leverage digital tools and partner disruptors to strengthen our customer engagement, embrace smart building technologies to uplift the quality of our built environment, and harness data to enhance customer experience at our properties. Neither an offline-only nor online-only business model will work; it is in the combination of O&O where long-term success can be found.”

Reinventing physical space to create new O&O experiences

Under the contract with Alibaba, CapitaLand will oversee the pre-opening and management of the shopping podium and one of the four office towers in Alibaba Shanghai Center, which has a total Gross Floor Area (GFA), excluding car park, of about 80,000 square metres (sqm). The four office towers occupy about 60,000 sq m, while the four-storey shopping podium – three levels above ground and one basement level – takes up about 20,000 sq m. Alibaba Shanghai Center is strategically located in the northern core of Shanghai’s Hongqiao Central Business District, less than two kilometres away from Hongqiao Transportation Hub. Slated to open next year, the retail component serves working professionals, and residents living in mid- and high-end housing zones in the vicinity.

Mr Jason Leow, CEO of CapitaLand Mall Asia, said: “CapitaLand is a firm advocate of retail innovation and we champion the reinvention of retail space to keep abreast of changing consumer habits. For example, we are taking the opportunity of redeveloping Funan in Singapore to leapfrog into the future and envision how a shopping mall of the future will look like. In Qingdao, China, we have launched the Group’s first smart mall, CapitaMall Xinduxin, which offers integrated O&O experiences through CapitaStar, the Group’s digital platform.
Now, we are pleased to partner e-commerce powerhouse Alibaba to jointly explore the possibilities in combining bricks with clicks – starting with Alibaba Shanghai Center – and creating new and exciting O&O experiences.”

Mr Wang Tao, Head of Intelligent Building at Alibaba Group, said: “Shanghai is one of the important platforms to Alibaba and our new headquarters here will serve as our strategic nerve centre for rolling out our New Retail strategy. We are delighted to partner with CapitaLand on this project, as they are a leading property developer and manager in Asia with industry-leading physical retail capabilities. We believe our collaboration will chart new frontiers in integrating online, offline, logistics and data across a single value chain to meet the needs of consumers. We look forward to deepening our collaboration with CapitaLand in the future.”

Connecting retailers to shoppers both offline and online

In line with Singapore’s Smart Nation push to reinvent retail, CapitaLand will launch a shopin-shop aggregating the offerings of retailers in its Singapore malls on Lazada.SG by the end of this year. To facilitate an O&O experience, shoppers who patronise the CapitaLand official store on Lazada.SG will have the option to collect their purchases in CapitaLand malls. In doing so, they will be rewarded with STAR$®, the membership points of the CapitaStar programme.

As a start, CapitaLand will roll out two unmanned click-and-collect lounges at Plaza Singapura and Bugis+ for shoppers to collect and return their parcels. In addition to
collection lockers, the lounges will feature fitting rooms and a product-testing bench to enhance the overall shopping experience.

Mr Leow said: “As more and more shoppers make purchases both offline and online, we recognise that omni-channel retailing is the way to go for our retailers to maximise their reach and market share. As the owner and manager of Singapore’s largest network of shopping malls, we have thus embarked on creating a digital channel that supports our mall tenants in tapping the growth potential of e-commerce. By leveraging our extensive physical network as a competitive advantage, shoppers will enjoy an additional option of collecting their online purchases in our malls. This unique feature will draw shoppers to our malls and reduce last-mile delivery costs for retailers in the long run.

“We are delighted to partner with Lazada to create an online option for our retailers. By combining our in-mall and digital marketing capability with Lazada’s online assets, our retailers will enjoy comprehensive marketing support in the physical and digital space and get a leg-up in their e-commerce operations.”

Mr Alexis Lanternier, CEO of Lazada Singapore, said: “Lazada entered Singapore just three years ago and today the country is one of our fastest-growing markets in Southeast Asia. Our collaboration with CapitaLand offers shoppers in Singapore the ease of accessing their favourite shops online and enjoying an integrated shopping experience. Shoppers not only have the option of click-and-collect but benefit from free delivery and have 14 days to return their products. This partnership is an important step for Lazada to expand our network of partners as we evolve the e-commerce ecosystem in Singapore.”

Both CapitaLand and Lazada will allocate resources to onboard retailers and promote the platform to shoppers, with the intention of rapidly scaling up the initiative in the next two years.

 

 

阿里巴巴强化移动业务及O2O服务

在董事长马云发邮件宣布其“合伙人”制度的同一天，阿里巴巴集团CEO陆兆禧也发了一封邮件，宣布了公司架构的再次调整。邮件中提到，阿里巴巴将增加4个事业群，重点发展无线业务。与此同时，阿里巴巴集团新设COO(首席运营官)一职，由原B2C事业群总裁张勇(逍遥子)出任，这也就意味着阿里巴巴在今年天猫“双11”前面临临阵换帅的局面。
阿里巴巴宣布成立网络通讯事业部，由原来的旺信业务和来往业务组成，直接向陆兆禧汇报；成立淘点点事业部，由原无线的同城团队和本地生活的点点团队组成，直接向陆兆禧汇报；OS事业部升级为OS事业群，由OS手机事业部和OS家庭智能娱乐事业部组成；成立阿里巴巴数字娱乐事业群，由音乐、视频、读书、家庭娱乐、原创组成，原虾米音乐事业部进入该事业群。由此调整不难看出，陆兆禧将亲自执掌两大移动业务。网络通讯业务被看做阿里内部“抱团”对抗微信，而淘点点事业部则对移动端的两个O2O业务进行了整合。陆兆禧上任以来的首次组织架构调整目的十分明确——强化移动业务及O2O服务。
值得一提的是，阿里巴巴原B2C事业群总裁张勇升任集团COO。任命显示，阿里巴巴集团旗下的天猫、淘宝、聚划算、航旅、本地生活、一淘及搜索事业部，以及阿里巴巴国际事业群、1688技术部、共享业务事业部等和PC端交易市场密切相关的业务板块，其负责人向张勇汇报，张勇向陆兆禧汇报。这也意味着阿里将PC业务与无线业务区分更明确。
张勇系财务出身，曾在盛大担任财务总监、副总裁兼CFO，2007年加盟阿里巴巴出任淘宝网副总裁兼CFO。此后，张勇与2011年6月出任淘宝商城(后改名“天猫”)CEO。在去年7月“七剑下天山”时，张勇作为总裁分管B2C事业群，在今年初阿里架构再次调整后分管天猫事业部、物流事业部(天网)、良无限事业部及航旅事业部。