GLP co-founder and CEO Ming Z Mei
In today’s review of real estate news from around Asia Pacific, Singapore logistics giant GLP seeks a $20 billion valuation for a planned Hong Kong IPO, a Barings-led consortium moves to acquire Melbourne’s Moorabbin Airport from Goodman Group for more than $1.1 billion, and South Korea’s National Pension Service seeks an external advisor to bolster its overseas alternatives programme.
GLP Seeks $20B Valuation in Planned Hong Kong IPO
Singapore-based logistics and investment manager GLP is targeting a valuation of $20 billion with a Hong Kong initial public offering that could occur as early as this year, according to two sources with knowledge of the matter cited by Reuters. The company manages more than $80 billion in assets across logistics real estate, digital infrastructure and renewable energy.
A Hong Kong listing would mark a return to public markets for GLP, which was taken private from the Singapore bourse in 2017 in a S$16 billion (then $11.6 billion) deal backed by CEO Ming Z Mei. Citi and Morgan Stanley are involved in the process, sources said, though both banks declined to comment. Read more>>
Goodman in Talks to Sell Melbourne Regional Airport to Barings-Led Group for $1.1B
Barings and a consortium including pension funds Aware Super and Rest Super are in talks to acquire Melbourne’s Moorabbin Airport from Goodman Group for more than A$1.5 billion ($1.1 billion), pending approvals, according to The Australian.
Barings holds A$9 billion in Australian assets and is acquiring the 294 hectare (726 acre) site as Goodman sells assets to fund its global data centre rollout. The airport houses commercial property including a Direct Factory Outlet and the Chifley Business Park. Read more>>
Koreit REIT Buying $540M Office Building in Seoul’s Gangnam in Forward Purchase Deal
A REIT operated by Korea Real Estate Investment and Trust has pre-purchased a Seoul office in Gangnam for KRW 792.6 billion ($540 million). The 17-storey building will total 51,887 square metres (558,500 square feet) and complete in November 2028.
Game developer Nexon Games will lease the entire building for 10 years as its headquarters. KT Estate and LaSalle Asset Management acquired the site in 2024 after distressed project financing stalled development since 2021. Read more>>
Lendlease and Singtel Break Ground on $2.3B Singapore Office Redevelopment
Lendlease and Singtel have broken ground on the S$3 billion ($2.3 billion) Comcentre redevelopment in Singapore’s Orchard Road precinct, the companies said. The development will deliver more than 110,000 square metres (1.2 million square feet) of office space across two 20-storey towers.
Targeted for completion in 2028, the project seeks Green Mark Platinum Zero Energy, WELL v2 Core Platinum and Zero Carbon certification. Singtel will anchor the building, occupying 30 percent of space in Singapore’s first end-to-end carbon-neutral commercial development. Read more>>
South Korea’s National Pension Service Seeks Advisor for Overseas Alternatives Push
South Korea’s National Pension Service has issued a request for proposals to appoint an external advisor for its overseas alternatives programme, covering real estate, infrastructure and private equity. Bidders must hold advisory track records of at least $10 billion and have advised at least 10 institutional investors.
Alternatives account for 16 percent of the fund’s total of KRW 1.46 trillion ($980 billion), with overseas real estate, infrastructure and private investments exceeding KRW 200 trillion. Proposals are due by 6 April. Read more>>
Alibaba Cloud Opens Fourth Tokyo Data Centre to Serve AI Demand
Alibaba Cloud has launched its fourth data centre in Japan, located in Tokyo, to meet growing demand for cloud and AI services, the company said. The facility offers storage, networking, computing, security and database products compliant with Japan’s security standards.
With four data centres operational, Alibaba Cloud’s global infrastructure spans 94 availability zones across 29 regions. The company plans to launch Model Studio in Japan in the second half of 2026, offering inference for Qwen models, according to the announcement. Read more>>
Hong Kong’s Allied Group Acquires Shenzhen Properties for $98M
Hong Kong’s Allied Group, the controlling shareholder of Sun Hung Kai & Co, has agreed to acquire a set of Shenzhen properties for RMB 676 million ($98 million), per a Hong Kong stock filing.
Working together with its Tian An China Investments Co subsidiary, Allied Group is buying 30 industrial and research units at Guangming Tian An Cloud Park and 34 residential units at Bantian Tian An Cloud Park Phase 3 from a unit of Shenzhen Minghu Investment Development Co Ltd and from a joint venture of Tian An with a Shenzhen government company in separate transactions. Read more>>
Charter Hall Sells Victoria State Shopping Centre to Asian Investor for $71M
Charter Hall has sold the Lansell Square shopping centre in Bendigo, Victoria for A$110.1 million ($71 million) in an off-market deal, according to a social media post. The centre is anchored by Woolworths, Coles and Kmart with 45 specialty stores and is said to have been acquired by a locally based Chinese family.
The sale ranks comes amid a flurry of regional Australian shopping centre deals this year, including a Lendlease fund and Korea’s National Pension Service selling a New South Wales mall for A$895 million in January and Sydney’s Centuria Capital Group picking up a retail asset outside of Melbourne for A$86 million that same month. 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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