Daily Briefing: PE firm Northstar makes first close of its $1.14b fifth fund; Tenants frustrated on lack of rental rebate information

And visits to four popular markets to be restricted based on identification card numbers.

From e27:

Private equity firm Northstar Group announced the first close of its fifth fund, representing approximately one-third of its target of $1.14b in total commitments.

The firm will invest in mature growth firms, with select investments in early-stage opportunities in Indonesia and other parts of SEA.

Its limited partners include sovereign wealth funds, insurance companies, institutional investors, family offices and high net-worth individuals.

The fund’s core investment themes will focus on the key drivers of growth, including consumers, financial services, the digital economy, and the recovery from the COVID-19 pandemic.

Northstar raised its first fund in 2006 with a corpus of $156.96m whilst the second fund $406.67m, third fund (US$820m), and forth fund $1.47b came in 2008, 2011, and 2014, respectively.

Read more here.

From Channel News Asia:

The lack of information from some coworking space providers on rental rebates frustrates small business owners, even as the government implements measures to offer relief from some rent obligations, according to a report.

The COVID-19 (Temporary Measures) Bill passed in Parliament earlier this month mandated property owners to pass on 100% of the rental rebate to their tenants after an outcry by small and medium -enterprises (SMEs) over deferred or delayed rebates.

In the resilience budget announced in March, qualifying commercial properties would not have to pay property tax this year, as the government sought to bolster small businesses hit by economic slowdown.

Whilst property owners are required to pass down rental rebates to tenants, there is no legislation that mandates tenants to pass down their rebates to their subtenants, as there is no contractual relationship between property owners and subtenants.

Businesses who lease from coworking spaces fall under this grey area, as they do not officially pay rent. Rather, they are considered members who pay a monthly fee to use the office space.

Read more here. 

From Channel News Asia:

Access to four popular markets will soon be restricted based on the last digit of patrons' identification card numbers, said the National Environment Agency (NEA), as Singapore extended its circuit breaker period by four more weeks.

Starting Wednesday, patrons visiting Geylang Serai Market, Chong Pang Market (Block 104/105 Yishun Ring Road), Block 20/21 Marsiling Lane, and Block 505 Jurong West Street 52 may only do so according to the last digit of their National Registration Identification Card (NRIC) or Foreign Identification Number (FIN).

Those whose last digit on their ID card is an even number may only visit these markets on the even dates of the month whilst those whose last digit is an odd number, such as 1, 3, 5, 7 and 9, may only visit these markets on the odd dates of the month.

Starting 22 April 22, patrons of these markets will have to produce appropriate forms of identification at the entry points for verification and will be denied entry if unable to do so.

Patrons who require assistance with their marketing may have a member of the same household or foreign domestic worker accompanying them to the market with at least one person meeting the odd or even date entry restriction.

Read more here.