BlackRock chairman and CEO Larry Fink
In today’s review of real estate news from around the region, a BlackRock private credit fund records its first Asia default after a Shanghai cold-chain operator fails to repay a $27.5 million loan, GLP Japan’s Tokyo logistics hub is estimated to cost up to $8.2 billion after an 80 percent overrun, and Adani Group eyes an $11 billion redevelopment in North Mumbai.
BGO-Backed China Logistics Platform Serves BlackRock Credit Fund First Asia Default
A BlackRock private credit fund has recorded its first Asia default after BGO-backed cold chain operator Metcold Holdings failed to repay $27.5 million in principal on 1 April under a $52.5 million facility from the firm’s Asia Pacific Private Credit Opportunities Fund II.
BlackRock has engaged lawyers to explore options. In 2021 Metropolitan Real Estate, then part of Carlyle Group and since merged into BGO, agreed to invest $50 million in two of Metcold’s opportunity funds and in a cold storage project in Shanghai, with BlackRock loaning to the venture months later. Read more>>
Investa and Oxford Complete Build-to-Rent Project in Melbourne’s Footscray
Investa and Oxford Properties have reached practical completion of Indi Footscray, a build-to-rent development in Melbourne’s inner west designed by SJB Architecture. The project comprises three distinct building forms adjacent to Footscray train station.
The scheme includes a new public square, community spaces and covered arcades at street level, alongside shared amenity areas intended to encourage resident interaction. Builder Icon and project manager Essence Project Management delivered the scheme. Read more>>
GLP Japan’s Tokyo Logistics Hub Faces 80% Cost Blowout
GLP Japan’s Akishima logistics hub will cost up to JPY 1.3 trillion ($8.2 billion), about 80 percent above its original estimate, Nikkei reports. The 525,000 square metre (5.6 million square foot) site will include cold-storage facilities and a data centre targeting completion around 2029.
GLP Japan will offset higher costs by raising rents and cutting the number of facilities from six to allow for larger buildings. CBRE reported that Tokyo metropolitan logistics vacancy dropped to 9.8 percent in the fourth quarter of 2025. Read more>>
Soho Co-Founder Calls China Property Market a ‘Ponzi Scheme’
Soho China co-founder Pan Shiyi has described China’s property development model as a “Ponzi scheme” in a since-deleted WeChat post, warning that market recovery is impossible without buyer confidence. Pan, writing from the US, estimated sector losses at trillions of yuan.
The comments came days after Evergrande founder Xu Jiayin pleaded guilty to fraud and bribery charges. Pan urged developers to prioritise homebuyers when resolving legacy issues such as undelivered apartments. Read more>>
Hulic Acquires 392-Unit Houston Apartment Complex With Rockport and Kenedix
Japanese property company Hulic has acquired a 392-unit multi-family asset in Houston’s Galleria district alongside partners Rockport and Kenedix. The Uptown Post Oak property has a rentable area of 35,038 square metres (377,146 square feet).
Hulic said it will work with Rockport, which has experience in value-add strategies for rental apartments, to enhance the asset. The Tokyo-listed company has been expanding into US and Asian real estate as part of its international business. Read more>>
Sydney’s Elanor Completes $89M Recapitalisation With Singapore’s Rockworth
Australian real estate fund manager Elanor Investors Group has completed a A$125 million ($89.4 million) balance sheet recapitalisation with Rockworth Capital Partners, comprising A$70 million in senior loan notes and A$55 million in perpetual subordinated notes.
The proceeds repaid Elanor’s existing Keyview senior facility and redeemed its FIIG corporate notes in full, providing additional working capital. Managing director Tony Fehon said the deal establishes a foundation for executing the group’s pan-Asian growth strategy alongside Rockworth. Read more>>
Adani Group Eyes $11B North Mumbai Redevelopment
Adani Group could invest up to $11 billion to develop homes and offices in Goregaon, North Mumbai, its third state-backed redevelopment in the city. The 58 hectare (143 acre) project will also include affordable housing and public infrastructure.
Maharashtra Housing and Area Development Authority chief executive Sanjeev Jaiswal said INR 360 billion ($3.9 billion) is earmarked for rehabilitation and affordable housing. Adani Realty gains rights to develop and sell market-rate property on around two-thirds of the site. Read more>>
$51M Nassim Road Bungalow Sale Sets Singapore Record
A good class bungalow on Nassim Road in Singapore has changed hands for S$64.9 million ($51 million), or S$4,550 per square foot on the 14,264 square foot (1,325 square metre) freehold plot. Entrepreneur Shiv Puri of TVF Capital Advisors is believed to be the buyer.
The seller is Wing Tai Properties non-executive director John Chow. The S$4,550 per square foot rate appears to be the highest on record for a Nassim Road detached property, according to government Realis data. 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.
Leave a Reply