Manulife US REIT Selling LA Office Tower for $93M and More APAC Real Estate Headlines

In today’s review of real estate news from around the region, Manulife US REIT agrees to sell its Los Angeles office tower for $92.5 million to the city’s water and power department, K Wah International swings to a loss of $111 million as mainland price pressure bites, and Mapletree winds down its student housing fund while doubling down on US logistics.

Manulife US REIT Agrees to Sell $93M LA Office Tower to City Water Authority

Singapore-listed Manulife US REIT has agreed to sell its Figueroa office tower in Los Angeles to the City of Los Angeles, acting through its Department of Water and Power, at $92.5 million. The 35-storey building was 45.6 percent occupied as of 31 December 2025.

Net proceeds of $82.4 million will repay outstanding 2026 debt and partially repay 2027 loans. The purchase and sale agreement requires city board and council approval, with full execution expected around May. Read more>>

Orix JREIT Names Office Tower Buyer in $178M Japan Asset Swap

Orix JREIT has disclosed the buyer of Hamamatsu Act Tower, a property agreed for sale as part of a JPY 28.5 billion ($178.4 million) asset replacement programme announced this month.

The buyer is Act Godo Kaisha, a special-purpose vehicle established in February with investors including Sekisui Heim Tokai and Shizuoka Bank. Orix JREIT holds 121 properties with an aggregate acquisition price of JPY 793.6 billion and 99 percent occupancy as of the end of January. Read more>>

Tanoto Family’s Pacific Eagle Seeks $92M for Site on Singapore’s Bukit Timah Road

Pacific Eagle Real Estate, the private real estate arm of Indonesian billionaire Sukanto Tanoto’s family, is seeking S$118 million ($91.6 million) for a freehold mixed-use site on Bukit Timah Road in Singapore. The fully occupied development spans 18,512 square feet (1,720 square metres).

Cushman & Wakefield is marketing the property, whose tenants include Atlas Coffeehouse and co-living operator The Assembly Place. Pacific Eagle’s affiliate Hillcrest Investments acquired the site in a 2021 collective sale for S$53.9 million. Read more>>

K Wah International Swings to $111M Loss as Mainland Price Pressure Bites

Hong Kong developer K Wah International swung to a loss of HK$869.3 million ($111 million) in 2025 from a HK$335.1 million net profit the year prior, as impairment provisions on development properties and mainland joint venture losses weighed on results.

Revenue fell 72.4 percent to HK$1.98 billion, while contracted sales reached HK$5.6 billion. K Wah declared a full-year dividend of three HK cents per share, down 66.7 percent, and expects Hong Kong’s residential recovery to extend into 2026. Read more>>

NTT Data Eyes Further Asset Injections Into Singapore Data Centre REIT

NTT Data is looking to inject more data centres into NTT DC REIT, its Singapore-listed trust, as it accelerates AI expansion across Asia, chief executive Abhijit Dubey told the Business Times.

NTT DC REIT listed on the Singapore Exchange in July 2025 with six assets in the US, Austria and Singapore. Dubey said the REIT was designed as an evergreen capital recycling vehicle, with the group operating over 160 data centres globally. Read more>>

Mapletree Leans on US Logistics Strength as It Winds Down Student Housing Fund

Mapletree Investments is leaning on its US logistics platform for returns as it winds down an underperforming student housing fund. Mapletree US chief executive Richard Prokup said logistics fund MUSEL is on track to deliver its targeted 12 percent internal rate of return.

In March, Mapletree sold a 24-asset US portfolio to EQT Real Estate for $575 million, after $691.1 million in US logistics disposals in 2025. Prokup cited robust demand and diminishing supply as sector tailwinds. Read more>>

Student Housing Still a Core Strategy for Mapletree Despite Fund Wind-Down

Mapletree Investments says student housing remains a core sector despite winding down its Mapletree Global Student Accommodation Private Trust, which ended on 16 March after over 90 percent of investors rejected a life extension.

The fund’s net return fell to 1.1 percent by the end of 2025, short of its 12 percent target. Mapletree is launching a new UK student housing fund seeded with seven properties and £500 million ($663.4 million) in assets under management, targeted to close by year-end. Read more>>

Hong Kong Breaks Ground on $3B Northern Metropolis Data Centre for AI Push

Hong Kong broke ground Saturday on the Range Sandy Ridge Data Facility Cluster in the Northern Metropolis, bordering Shenzhen, backed by an initial HK$23.8 billion ($3 billion). The facility spans over 110,000 square metres (1.2 million square feet).

Secretary for Innovation, Technology and Industry Sun Dong said the cluster would solidify Hong Kong’s status as a data hub linking China and the world. By 2032, it is expected to multiply computing power 36-fold. Read more>>

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