Daily Briefing: Temasek joins Thyssenkrupp's elevator bid; GIC mulls selling logistics park assets in Spain

And Ubisoft holds its fifth startup programme in Singapore.

From Reuters:

Temasek Holdings has teamed up with Canada’s Brookfield Asset Management in the auction for German multinational conglomerate Thyssenkrupp’s prized $22.49b (€15b) elevator division.

The tie-up is said to create another powerful private equity consortium for the asset, which Thyssenkrupp plans to sell or list, ahead of a Jan. 13 deadline for binding bids.

Thyssenkrupp, under pressure after numerous profit warnings, needs to rake in cash by selling all or part of its elevator business, the world’s fourth-largest industry player and by far the group’s most profitable asset.

Rival bidders for the unit include a consortium consisting of Blackstone, Carlyle and the Canadian Pension Plan Investment Board. Advent, Cinven and the Abu Dhabi Investment Authority have also teamed up for an offer.

Read more here.

From DealStreetAsia:

Singapore’s sovereign wealth fund GIC, through its Spain-based subsidiary P3 Logistics, has reportedly plans to sell its assets in the logistics park in Spain worth $150m (€100m).

The investment giant has evaluated the divestment for months and could kick off the process in January with the involvement of JLL.

The assets at disposal accounted for nearly a third of the total value of P3 Logistics Parks, which listed on the Alternative Investment Market MAB in 2017, the report said.

GIC acquired P3 from TPG Real Estate and Ivanhoé Cambridge for 2.4 billion euros in 2016. The Singapore investor was also said to pull out of much of its portfolio through P3 to focus on secondary assets.

Read more here.

From e27:

French video games company Ubisoft has announced the fifth season of its Entrepreneurs Lab programme in SIngapore.

The call for projects for both tracks, blockchain and social entertainment, is open until March 1, 2020.

Entrepreneurs who wish to apply will choose between the Paris location at STATION F, the biggest startup campus in the world, and the Singapore location at Infocomm Media Development Authority’s innovation space, PIXEL.

The programme, which began in 2017, aims to support startups creating innovative products and services. Led by Ubisoft Entrepreneurs Lab, it offers a collaboration model based on mutual contribution with no equity involved, where startups benefit from the mentorship of Ubisoft executives and gain access to a wide range of experts across the entire company.

Read more here.

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