GLP co-founder and CEO Ming Z Mei
GLP leads today’s real estate headlines from around Asia Pacific with plans to raise up to $3 billion via a Hong Kong IPO in the fourth quarter, as the logistics and data centre manager moves to tap one of the region’s most active capital markets. Australia’s AirTrunk also makes the news with a $21 billion letter of intent for a 3-gigawatt data centre near Mumbai and Australian Retirement Trust is committing $2.1 billion to domestic property across six local funds.
GLP Aims to Raise Up to $3B in Hong Kong IPO This Year
Industrial specialist GLP is planning to raise up to $3 billion via an initial public offering in Hong Kong, with the listing targeted for the fourth quarter of the year, according to people familiar with the matter. The logistics and infrastructure manager had $80 billion in assets under management as of the end of December.
GLP operates across three segments — logistics real estate, data centres, and energy and infrastructure — with its data centre business concentrated in China, where it runs about 20 facilities with total capacity of 1.4 gigawatts. The company was taken private in 2017 after previously being backed by Singapore sovereign fund GIC. Read more>>
Blackstone-Backed AirTrunk Signs $21B India Data Centre Deal
Australia’s AirTrunk has signed a letter of intent with the Maharashtra state government for land allotment at the Raigad Penn Growth Centre, on the outskirts of Mumbai, for a data centre investment of $21 billion, according to Maharashtra Chief Minister Devendra Fadnavis. The facility will have a planned capacity of 3 gigawatts.
AirTrunk, which is backed by US private equity giant Blackstone and currently operates data centres in Hong Kong, Japan, Malaysia and Singapore, was founded in 2015 and opened Australia’s first hyperscale data centres in 2017, the company said. The Maharashtra investment would be one of the largest data centre commitments in the state. Read more>>
ART Pumps $2B Into Local Property in 12 Months
Australian Retirement Trust has made its largest annual investment in domestic property, committing A$3 billion ($2.1 billion) across six local funds over the past 12 months. Investments include a 19.9 percent stake in Westfield Sydney with QIC and a 48.5 percent interest in the LIV Mirvac Fund to support build-to-rent housing delivery.
The superannuation fund, which manages more than A$370 billion in retirement savings including more than A$19 billion in real estate equity, also increased holdings in the Dexus Wholesale Property Fund and Mirvac Wholesale Office Fund, and allocated additional capital to the MH Carnegie Catalyst Healthcare REIT, according to the announcement. Read more>>
Anant Raj to Invest $3B in Haryana Data Centre and Cloud Services
New Delhi-based real estate firm Anant Raj has signed a memorandum of understanding with the Haryana Enterprises Promotion Centre, a state government agency, to invest INR 250 billion ($2.6 billion) in data centre and cloud services in India’s northern state of Haryana, the company said. The agreement aims to support investment in and development of digital infrastructure across the state.
Under the partnership, Anant Raj will expand its digital infrastructure operations in Haryana while the state government will facilitate ease of doing business, according to the announcement. The deal comes as Anant Raj said in May that it was considering the demerger of its data centre services from its real estate business. Read more>>
AMTD Completes $110M Hotel Buys in Australia and Malaysia
Hong Kong-based AMTD Group has completed two hotel acquisitions, paying $72 million for a 50 percent stake in The Ritz-Carlton Perth, valued at A$280 million ($200 million), and $38 million for a super-majority interest in the Upper View Regalia Hotel in Kuala Lumpur, the conglomerate said. The deals bring AMTD’s hospitality portfolio to nearly 1,000 rooms across Asia Pacific and beyond.
The Ritz-Carlton Perth, a 205-room luxury property situated on the Swan River waterfront at the Elizabeth Quay development, is the 100th Ritz-Carlton hotel globally, according to the announcement. The 129-room Upper View Regalia Hotel, located near Kuala Lumpur’s Putra World Trade Centre, will undergo a comprehensive renovation and be rebranded under the AMTD banner. Read more>>
Korea’s IGIS X Closes Debut Japan Fund With Tokyo Multi-Family Portfolio
Seoul-based IGIS X Asset Management has closed its first overseas real estate fund, acquiring a portfolio of four newly built multi-family residential assets comprising 160 units across Tokyo’s Koto, Shinagawa and Ota wards, the firm said. The assets were secured through a forward commitment structure, allowing IGIS X to acquire the properties before completion and stabilisation.
The core-plus fund was formed to target Tokyo multi-family assets, with IGIS X citing structural inflation, stable occupancy and improving rental fundamentals as key drivers, according to the announcement. The firm, which manages $1.31 billion in assets under management, worked with Japan’s SBI Tozai Realty on local transaction support, including financing arrangements with a Japanese financial institution. Read more>>
KKR Japan REIT Selling Osaka Retail Land for $44M
Tokyo-listed Japan Metropolitan Fund Investment Corporation has agreed to sell the Edion Kyobashi land with leasehold interest in Osaka’s Joto ward for JPY 7 billion yen ($43.8 million), 15 percent above the property’s appraised value of JPY 6.1 billion, according to a filing. The undisclosed buyer is a domestic company with no capital or business relationship with the REIT or its asset manager, KKR’s KJR Management.
The retail land, leased to Japanese electronics retailer Edion, is scheduled for transfer in December 2026, with a gain on sale of JPY 1.1 billion to be fully distributed to unitholders in the February 2027 fiscal period, the trust said. Disposition proceeds excluding the gain are planned for reinvestment into assets with stronger growth potential. Read more>>
Hong Kong’s Casa Hotel Closes After Failed Sale Bids Amid Student Housing Wave
Hong Kong’s Casa Hotel, a 162-room boutique property on Nathan Road in the Yau Ma Tei district, has ceased operation after nearly two decades, with market sources suggesting the building has been leased to mainland Chinese student-housing operator Kudian under a master lease agreement following repeated failed attempts to sell the asset, according to the South China Morning Post. The 14-storey building was most recently valued at HK$450 million ($57.4 million) by CBRE, or 44 percent below its HK$800 million asking price in 2021.
The closure adds to at least five hotel-to-student-housing conversions completed in Hong Kong by May this year, as investors target distressed assets against a backdrop of growing demand from overseas students, the report said. Some owners remain reluctant to sell at current prices, with CapitaLand Investment managing director Andrew Chan noting that those without financial pressure prefer to wait for values to recover. Read more>>
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