AirTrunk Founder and CEO Robin Khuda
Data centres lead Mingtiandi’s look at real estate news from around the region today as AirTrunk unveils plans for its second Osaka facility. Also making headlines today is CapitaLand Ascendas REIT closing on a sale of four Singapore industrial properties to Rava Partners-backed EZA Hill and Goldman Sachs making a discounted offer on New World Development debt.
AirTrunk Takes on 100MW Project as Second Osaka Data Centre
AirTrunk plans to develop its second hyperscale data centre in Osaka, as the company boosts its Japan investments to $1.57 billion, according to an announcement on Wednesday.
Located in East Osaka, OSK2 will deliver up to 100MW of total campus IT capacity when completed, bringing the Blackstone-backed operator to 530MW in the country, including existing and planned projects. Read more>>
CapitaLand Ascendas REIT Closes on Sale of Four Singapore Sheds to EZA Hill
CapitaLand Ascendas REIT said on Wednesday that it has completed its sale of four light industrial properties to Rava Partners-backed EZA Hill at a price of S$329 million ($256.4 million).
The portfolio comprises an industrial property located at 31 Ubi Road 1 and three logistics properties located at 9 Changi South Street 3, 10 Toh Guan Road and the Senkee Logistics Hub at 19 & 21 Pandan Avenue. CLAR had announced the deal in August as part of a five asset disposal. Read more>>
Goldman Sachs Said Offering 85 Cents on the Dollar for New World Debt
Goldman Sachs Group has sought to purchase a portion of New World Development Co.’s loans at a discount, an indication of how one potential investor would value the debt of a builder that’s become a poster child of Hong Kong’s property woes.
The US investment bank had approached some lenders involved in the record $11 billion loan extended to New World in June, according to people familiar with the matter. Goldman is willing to buy the debt at a discount of at least 15 cents on the dollar, the people said, who asked not to be identified discussing private matters. Read more>>
Acrophyte Hospitality Trust Sells Memphis Hotel for $8M
Acrophyte Hospitality Management Trust (AHT), is selling a hotel in the United States for $7.8 million as the Singapore-listed REIT continues to sell underperforming properties.
Located in Memphis, Tennessee, the Hyatt Place Primacy Parkway hotel has 126 rooms and is 11.3 miles (18.2 km) south-east of the Memphis central business district, the managers of AHT noted in a bourse filing on Wednesday. Read more>>
Korea’s IGIS Refutes Reports of NPS Revoking Investment Mandates
IGIS Asset Management announced on the 17th that it had received confirmation from the National Pension Service that it had no plans to recover the assets entrusted to it.
According to IGIS, the National Pension Service said that the process of the usual sale of some investment assets that have expired has led to misunderstanding. The statement indicated that the NPS has conducted no new review or actual asset recovery. Read more>>
DBS Takes Over Former Rolex Shop on Hong Kong’s Nathan Road at 60% Markdown
Banks in Hong Kong are taking over more prime space in the city’s leading retail strips with DBS having signed a lease for a former Rolex boutique on Nathan Road at 60 percent below the earlier rental rate, according to a local news account.
The Singaporean bank is paying HK$1.2 million ($154,228) per month for the shop space in the Holiday Inn Golden Mile, the Hong Kong Economic Times reported. The deal comes after HSBC was revealed earlier this month to have signed a deal to take over a former Chanel shop in Causeway Bay to open a branch on the retail strip. Read more>>
Vanke Default Seems Imminent as Developer Asks Banks to Accept Delayed Payments
China Vanke, once the nation’s biggest homebuilder, lurched closer toward what would be one of the country’s largest-ever debt restructurings.
Vanke has asked some commercial banks to accept delayed interest payments on certain borrowings, people familiar with the matter said. The developer was already struggling to convince a group of bondholders to extend the maturity on RMB 2 billion ($284 million) of notes that matured on 15 December. And it’s separately asking holders of a bond due 28 December for another 12 months to meet obligations on that debt. Read more>>
Japan to Require Foreign Buyers of Real Estate to Reveal Nationality
Japan plans to require individuals to reveal their nationality when acquiring real estate, the Justice Minister announced Tuesday, after rising prices led to concerns that foreign speculation was putting homes out of reach of citizens.
New regulations would require buyers — including Japanese citizens — to provide a passport or other proof of nationality when registering ownership. The ministry aims to have the new system begin operation in fiscal 2026, after a period for public comment. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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