Centurion group CEO Kong Chee Min
Five-star returns from humble worker housing lead today’s collection of real estate headlines from around Asia, as Singapore’s Centurion Corp moves forward with a REIT IPO. Also making the list is a private loan for a Chinese data centre project in Malaysia and some hot bids for Starbucks China.
Centurion REIT in Line to Be Singapore’s Second-Largest 2025 IPO
Singapore is poised for its second-largest listing of the year, as the city-state attempts to revive its stock exchange and close a gap with regional rivals that have surged ahead with initial public offerings.
Centurion Accommodation REIT, a spin-off from worker and student housing provider Centurion Corp, is seeking to raise S$771.1 million ($601 million) through the sale of 876.2 million units at S$0.88 each, according to terms of the deal seen by Bloomberg. Singapore-listed Centurion rose as much as 7.4 percent on Thursday before paring some gains. Read more>>
China’s Zdata Data Centres Seeks $500M Loan for Johor Project
Chinese data centre firm Zdata Technologies is seeking private debt of $500 million to fund a project in Malaysia, according to people familiar with the matter, adding to the wave of similar deals in Asia as demand for digital infrastructure surges.
The company, whose clients include Alibaba, TikTok owner ByteDance and Tencent, plans to use the proceeds for a data centre buildout in the southern Malaysian state of Johor, said the people, who asked not to be identified discussing private matters. The deal’s tenor could be around two to three years, they added. Read more>>
Carlyle, EQT Among Final Bidders for Starbucks China
Global investment firms Carlyle Group and EQT, alongside regional players HongShan Capital Group and Boyu Capital, are preparing final offers for a controlling stake in Starbucks’ China operations, said five people with knowledge of the matter.
Starbucks has asked them to submit binding bids by early October, said three of the sources, who declined to be identified discussing private information. An agreement could be reached by the end of next month, one of them added. Read more>>
Australian Super Funds Said to Accuse Lendlease of Avoiding Fund Management Vote
A long-simmering stoush over the management of a multibillion-dollar real estate portfolio has descended into allegations of inappropriate conduct after advisors for major superannuation funds accused Lendlease of desperately trying to derail a key vote on the property empire’s future.
At the centre of the dispute is the Australian Prime Property Fund, which stretches across office, shopping centre and industrial assets worth A$10 billion ($6.7 billion). The APPF has been managed by Lendlease for three decades, and it reported earnings of A$13 million from those services last year. Read more>>
Frasers Hospitality Trust to Suspend Trading on 12 Sep, Delist on 6 Oct
Frasers Hospitality Trust has received court sanction for its proposed privatisation by way of a trust scheme, paving the way for its expected delisting on or around 6 October at 9am. Trading of FHT stapled securities was suspended at 9am on Friday.
The record date to determine securityholders’ entitlements for the scheme is set for 22 September at 5pm. The scheme is then expected to become effective on 23 September, with payment of the scheme consideration to eligible securityholders to be made on or around 30 September. Read more>>
GIC Said to Eye Bigger Stake in Blackstone’s Spanish Hotels
GIC is weighing a plan to increase its stake in a Spanish hotel business that’s majority-owned by Blackstone.
The Singapore sovereign wealth fund, which already owns a 35 percent stake in Hotel Investment Partners and most of its properties, is now evaluating a possible offer to increase its ownership, according to people with knowledge of the process. GIC is undertaking due diligence and there is no certainty that the process will lead to a transaction, the people said, asking not to be identified discussing private information. Read more>>
Adani’s Hopes for End to Fraud Case in Peril as US-India Ties Sour
Billionaire Gautam Adani’s efforts to get US fraud charges against him resolved have stalled, according to people familiar with the matter, prolonging the regulatory overhang that has hobbled Adani Group’s global expansion plans.
Progress that Adani’s representatives had been making with American officials has faltered in recent months as the US and India have clashed on issues like trade, Russian oil and India’s conflict with Pakistan, said the people, who asked not to be identified discussing private talks. Read more>>
Singapore’s Low Keng Huat Sinks Into the Red in H1 2025
Singapore developer Low Keng Huat has sunk into the red with a first-half net loss of S$10.2 million ($8 million), reversing a year-earlier net profit of S$5.8 million.
The revenue drop was mainly driven by the tail-end of the Klimt Cairnhill project. With all units already sold, only the final 1 percent of the project’s revenue was recognised in the current period, as the development reached 99 percent completion, the company said Thursday in a filing. Read more>>
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