The Fitzroy Gasworks precinct in Melbourne’s inner north will provide 513 homes
The start of construction on a 513-home rental apartment project in Melbourne leads today’s look at real estate headlines from around Asia Pacific, with some of Australia’s largest pension funds involved. Also in the news are India’s Mindspace Business Parks REIT completing its $314 million acquisition of a Chennai office campus from CapitaLand Investment and Malaysia’s Sime Darby Property announcing the first close of a $308 million data centre and logistics fund.
Construction Starts on 513-Home Fitzroy Gasworks BTR Precinct in Melbourne
A joint venture comprising developers Assemble, Milieu and Hickory alongside capital partners AustralianSuper and HESTA has broken ground on Parcel B of the Fitzroy Gasworks precinct, a 513-home build-to-rent scheme in Melbourne’s inner north,
The Parcel B commencement marks the first construction activity at the broader Fitzroy Gasworks precinct, which will total around 1,400 homes across three parcels with at least 20 percent dedicated to affordable housing. Macquarie-backed Local: Residential is separately set to deliver Parcel A. Read more>>
Mindspace REIT Completes $314M Chennai Office Buy From CapitaLand
India’s Mindspace Business Parks REIT has completed its INR 30 billion ($314 million) acquisition of International Tech Park Chennai, Radial Road from a fund managed by Singapore-based CapitaLand Investment, according to a stock exchange filing. The trust acquired a 51 percent stake in the 2.57 million square foot (238,761 square metre) campus alongside co-investor 360 One Asset, which holds the remaining 49 percent.
The acquisition, first announced in April, brings Mindspace REIT’s Chennai portfolio to the equivalent of 6.3 million square feet, or 14 percent of its total portfolio. Key tenants at the two-tower campus on Pallavaram-Thoraipakkam Road include Walmart, Vestas and State Street. Read more>>
Sime Darby Property Closes $308M Data Centre and Logistics Fund
Malaysia’s Sime Darby Property has launched its New Economy Venture fund with full capital commitment at first close, targeting up to MYR 1.25 billion ($308 million) for build-to-suit data centre and industrial and logistics developments, the company said. Institutional investors including the Employees Provident Fund, Lembaga Tabung Angkatan Tentera, and Great Eastern Life Assurance Malaysia backed the Shariah-compliant, closed-end vehicle.
Sime Darby Property committed MYR 500.1 million as general partner and co-investor. The fund has secured two seed assets at Elmina Business Park and City of Elmina, its flagship township in Selangor state, representing 85 percent of the target fund size, with construction underway and completion expected in the second half of 2027. Read more>>
Digital Realty Opens Malaysia Platform With 32MW Cyberjaya Campus
US data centre giant Digital Realty officially launched its Malaysia operations on Monday after acquiring a multi-site campus in Cyberjaya, the country’s primary tech hub outside Kuala Lumpur. The US REIT is targeting 32 megawatts of capacity across three facilities, including an operational carrier-dense facility, a newly acquired 15MW purpose-built data centre, and a 1.6 acre (0.7 hectare) expansion site planned for a 14MW facility targeted for completion in mid-2028.
Since announcing its planned entry into the Malaysian market in January, Digital Realty said the Cyberjaya campus will connect to its global network of more than 300 data centres across 30 countries, with more than 40 network service providers supporting the platform. The company said Malaysia will serve as an interconnection hub linking its Singapore and Jakarta operations. Read more>>
KKR and Korean Partners Near $1.3B Purchase of Stake in SK Telecom Data Centre
US private equity firm KKR and a consortium of South Korean investors are in final negotiations to acquire up to 49 percent of SK Telecom’s artificial intelligence data centre in Ulsan for around KRW 2 trillion ($1.3 billion), according to the Korean financial industry. KKR will take a 29 percent stake, with IMM Investment and Stonebridge Capital acquiring the remainder under a three-party structure.
The Ulsan facility is being built with Amazon Web Services on a 36,000 square metre (387,501 square foot) site inside the Ulsan Mipo National Industrial Complex, targeting 100 megawatts of capacity by 2029, the company said. The IMM Investment–Stonebridge consortium is securing KRW 600 billion in acquisition financing from Shinhan Bank and Shinhan Investment & Securities, with signing of a stock purchase agreement targeted for the end of this month. Read more>>
Seoul Hotel Transactions Jump 74% to $570M in First Five Months
Seoul lodging transactions reached KRW 863.5 billion ($570 million) in the first five months of 2026, a 74 percent rise from KRW 496.8 billion in the same period last year, driven by record tourist arrivals and rising hotel profitability, according to South Korea’s Ministry of Land, Infrastructure and Transport. The surge in value came despite a fall in transaction count, reflecting a growing share of large institutional deals.
Notable recent transactions include Oraion Asset Management and Goldman Sachs jointly acquiring the Seonyudo Union Hotel in Seoul’s Yeongdeungpo district for KRW 53 billion, and Hyundai Heim Asset Management and TPG Angelo Gordon purchasing two Mangrove co-living properties for a combined KRW 111.4 billion. A record 4.76 million foreign tourists visited South Korea in the first quarter of 2026, the Seoul Economic Daily reported. Read more>>
Hebei Tech Firm Seeks $2.6B Loan for Hong Kong’s Largest Data Centre
A Hebei-based company is in early talks with banks for a loan of HK$20 billion ($2.6 billion) to fund what would be Hong Kong’s largest computing facility, according to people familiar with the matter. Formerly known as Runze Technology, Range Intelligent Computing Technology Group won a government bid in March to develop a 110,000 square metre (1.1 million square foot) data centre cluster in Hong Kong’s New Territories, with construction already underway.
The one-year loan could take the form of a syndicated facility or multiple bilateral financings, the people said. The data park is expected to increase Hong Kong’s computing power by 36 times and generate economic output of HK$4.6 billion in its first three years of operation. Read more>>
Nomura Real Estate Completes First Overseas Logistics Facility for Uniqlo
Japan’s Nomura Real Estate Development has completed its first logistics facility outside Japan, a warehouse built for Fast Retailing’s Uniqlo brand in the Philippines’ Cavite province, adjacent to Metro Manila, the company said. The facility, which will serve as Uniqlo’s largest logistics hub in Southeast Asia, is part of the Riverpark North zone within a 600 hectare (1,483 acre) township development that Nomura is advancing through its joint venture with Philippine developer Federal Land.
The joint venture, Federal Land NRE Global, has been developing the Cavite township since 2022 and has acquired 230 hectares of land to date under a development plan spanning more than 30 years. The broader township will incorporate residential, commercial and educational facilities, including an SM City General Trias mall scheduled to open this year and a new Ateneo de Manila University campus planned for 2030. Read more>>
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