GLP co-founder and CEO Ming Z Mei
Logistics specialist GLP’s plan to sell $2 billion in assets ahead of a stock market listing leads today’s real estate headlines from around Asia Pacific, as the company holds talks with Ares Management to offload international data centres. Also in the news are China’s preparation of a RMB 2 trillion ($295 billion) nationwide data centre buildout and PLDT’s plan to raise up to $400 million from a Philippine REIT listing of its data centre assets.
GLP Targets $2B in Asset Sales Ahead of IPO, Eyes Ares Data Centre Deal
Singapore-based GLP Pte told bondholders it aims to sell around $2 billion of assets this year as it prepares for an initial public offering, according to people familiar with the matter. The disposals include talks with US alternative asset manager Ares Management to sell some international data centres, the people said.
The talks are part of GLP’s 2025 agreement to sell its GCP International unit to Ares for up to $5.2 billion, under which GLP can qualify for an additional payment of up to $1.5 billion by meeting performance targets, the people said. GLP still holds around $5 billion in assets outside China. Read more>>
China Drafts $295B Plan to Build Nationwide AI Data Centre Network
China is preparing to spend around RMB 2 trillion ($295 billion) over five years on a nationwide network of inter-connected data centres to advance its domestic AI sector, according to people familiar with the matter. State firms including China Mobile and China Telecom would operate the bulk of the facilities, the people said.
At least 80 percent of technology would be sourced from local suppliers such as Huawei, effectively excluding Nvidia and AMD, the people said. Key government agencies including the National Development and Reform Commission are drafting the blueprint, which aims to connect scattered facilities into a cohesive network by 2028, funded mainly through sovereign debt and state investment funds. Read more>>
PLDT Plans $400M REIT Listing for Philippine Data Centre Business
Philippine telecoms firm PLDT plans to raise between $300 million and $400 million from a REIT listing of its data centre assets, the company said. Initial assets are eight data centres operated by subsidiary VITRO Inc., which runs the largest data centre network in the Philippines, with a combined capacity of about 27 megawatts.
The listing, targeted for the fourth quarter, follows the breakdown of talks with potential buyers, with chairman and CEO Manuel Pangilinan saying the company was not getting the valuations it sought. Proceeds will be used to reduce debt. PLDT hired UBS and BPI Capital to assist with the listing. Read more>>
Daiwa Real Estate Asset Management Pushes Rent Hikes to Offset Rising Rates
Daiwa Real Estate Asset Management, the property arm of Japan’s Daiwa Securities Group, is raising rents on offices and apartments to offset higher borrowing costs, president Yoshiki Nishigaki said. The company manages around ¥1.6 trillion ($10 billion) in assets across two listed REITs and three private REITs in central Tokyo and other markets.
The firm added 10 rent negotiators in April in its first major front-office expansion since 2004, using the consumer price index as a benchmark for increases, Nishigaki said. A Sumitomo Mitsui Trust Research Institute analyst expects Tokyo office rents to rise around five percent annually over the next five years. Read more>>
iCapital Doubles Hong Kong Office Space with One IFC Lease amid Wealth Boom
US fintech firm iCapital has leased 9,000 square feet (836 square metres) at One International Finance Centre in Hong Kong’s Central district, more than doubling its office footprint as it targets rising demand for wealth-management services in Asia, the company said. The firm plans to grow its Hong Kong headcount to between 55 and 60 staff by 2029.
The move follows Hong Kong overtaking Switzerland as the world’s largest cross-border wealth hub last year, with cross-border wealth in the city climbing 10.7 percent in 2025 to $2.95 trillion, according to Boston Consulting Group. iCapital services nearly $1.2 trillion in assets globally, providing wealth advisers with access to private equity, private credit and hedge funds. Read more>>
Marriott, Hilton and IHG Accelerate India Expansion as Hotel Investment Surges 67%
Marriott International, Hilton Worldwide and IHG Hotels & Resorts are accelerating expansion in India as hotel investment surged 67 percent to $567 million last year, according to JLL. Demand is forecast to rise about 11 percent annually over the next several years, outpacing supply, as India’s growing middle class travels more frequently and ventures beyond major cities.
Marriott plans to add 180 properties creating 30,000 rooms in India over the next few years, making it the company’s fastest-growing Asia Pacific market after China, the company said. IHG signed a deal with Adani Airports to develop five hotels at aviation hubs and debut its Kimpton ultra-luxury brand in the country. Read more>>
McDonald’s Sells Quarry Bay Shop for HK$110M in Continued Hong Kong Disposal
McDonald’s has sold a retail shop in Hong Kong’s Quarry Bay district for HK$110 million ($14 million), continuing its programme of disposing of real estate assets across the city. The buyer was Uni Investment Development, according to Land Registry records, with McDonald’s Restaurants (Hong Kong) remaining as tenant under a 20-year lease until 2036.
The chain has owned space at Parkvale Place on King’s Road since 1989, paying HK$150 million for several units. Combined with a 2021 sale at the same building for HK$260 million, McDonald’s has recovered more than HK$370 million from the site. Six of eight properties in a July 2025 portfolio review valued at around HK$1.2 billion have now been sold. Read more>>
Singapore Building Near Raffles Hotel Stays on Market After URA Lifts Hotel Ban
The sale of a six-storey commercial building at 402 North Bridge Road in Singapore, opposite Raffles Hotel, has been extended to July 9 after the Urban Redevelopment Authority lifted restrictions on new hotels, hostels and serviced apartments in the Beach Road and Upper Circular Road heritage precincts, sole marketing agent ETC said. The guide price is S$70 million ($53.7 million).
The 999-year leasehold building sits on a 3,268 square foot (304 square metre) site with a gross floor area of 17,729 square feet. The URA guideline change, effective until May 2028, allows hospitality proposals in precincts where they were previously prohibited, expanding the potential uses for the building, ETC said. Read more>>
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