Xander Group founder Siddharth Yog
Demand for India office space leads today’s look at real estate news from around the region, with Xander Group selling a building leased to Fidelity for $95 million. Also making the list are a new data centre project in Osaka and a leading bid for a set of India toll roads.
Xander Sells Bengaluru Office Asset to Embassy REIT for $95M
Singapore fund manager Xander Group has sold an office building in Bengaluru’s Embassy Golf Links business park to Embassy Office Parks REIT for INR 8.5 billion ($94.7 million), according to a person familiar with the deal.
The building, Pinehurst, is fully leased to Fidelity India. Xander India’s office platform had bought it from Sanjay Ghodawat Group for INR 3.5 billion in 2018 to expand its commercial office portfolio in India. Embassy REIT said Wednesday that it had entered into definitive agreements to acquire a 300,000 square foot (27,871 square metre) property as part of its growth strategy. It declined to disclose details of the seller and tenant. Read more>>
SC Zeus Breaks Ground on 70MW Osaka Data Centre
SC Zeus Data Centers said Wednesday that it has broken ground on Zeus OSA 1, the company’s first development in Japan and a flagship project intended to set a new benchmark for AI-ready digital infrastructure in Osaka.
The 13,957 square metre (150,232 square foot) Nanko campus will deliver 70 megawatts of IT load across two phases, supported by a secured 100MW power allocation from Kansai Electric. The project features full liquid-cooling readiness, direct-to-chip support and densities of up to 130 kilowatts per rack. Read more>>
Macquarie Said in Exclusive Talks to Buy La Caisse India Infrastructure Trust
Macquarie Asset Management has emerged as the frontrunner for acquiring a significant minority stake in Maple Infrastructure Trust, an India-focused vehicle sponsored by Canadian pension fund Caisse de Depot et Placement du Quebec (La Caisse, formerly CDPQ), said people familiar with the matter. Macquarie has signed an exclusivity agreement and is expected to begin due diligence shortly, the people said.
La Caisse aims to raise $350 million via the stake sale and has appointed Rothschild to manage the process. The trust has an enterprise value of $2 billion. Maple Infrastructure Trust is sponsored by Maple Highways, La Caisse’s dedicated road platform in India. Read more>>
Hong Kong’s Sun Hung Kai & Co Backs Aussie Private Credit Strategy
Real estate private equity firm Wentworth has launched Wentworth Private Credit, a real estate private credit platform in Australia and New Zealand led by former Blackstone executive Issa Chehab.
The strategy is supported by a significant and scaleable seed commitment from Hong Kong’s Sun Hung Kai & Co Ltd. This long-term investment will provide certainty and acceleration for funding of initial transactions, in combination with additional capital as WPC’s funds grow. Read more>>
UOL’s Singapore Land Unit Acquires Site for Condo Tower Next to Marina Square
Marina Residential Development, an indirect subsidiary of Singapore Land, has entered into four sale-and-purchase agreements to buy a 3,992 square metre (42,970 square foot) plot in the Marina Square complex for an aggregate consideration of S$99.1 million ($76.5 million).
The acquisition is part of a drive to rejuvenate the Marina Square complex, SingLand said Wednesday. In 2023, it had obtained provisional permission from the Urban Redevelopment Authority for the partial redevelopment of Marina Square complex. Read more>>
Tuan Sing Approved for Redevelopment of Melbourne Grand Hyatt
Singapore’s Tuan Sing is set to proceed with the redevelopment of its flagship property at 121-131 Collins Street in Melbourne after the grant of a planning permit from the city council.
The real estate investment group on Wednesday announced that it had received the official permit for the site, which houses the 550-room Grand Hyatt hotel and various retail spaces. Read more>>
Vanke Bondholders Said to Oppose Extension Plan
At least three investors in a China Vanke bond maturing this month have signalled to the embattled developer that they will oppose a plan to delay repayment, people familiar with the matter said.
Representatives of state-backed Vanke, which has jolted markets with its proposal for a one-year payment extension on the note, contacted some of the holders individually over the phone Tuesday and asked whether they would sign off on the plan, the people said, asking not to be identified discussing a private matter. Read more>>
AirTrunk’s Khuda Building Australia Commercial Portfolio
Robin Khuda, the billionaire founder and CEO of the AirTrunk data centre operation, is quietly forging into Australia’s commercial property development market.
But the plays he is making — in his private capacity — couldn’t be further from the massive data centre projects that AirTrunk is rolling out across Asia Pacific. Instead, he is focused on the smaller end of the market, buying land in often-overlooked outer suburbs and betting that tightening land supply — and the value of the projects he develops — will lift returns in the years ahead. Read more>>
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