Blackstone-New World Deal Stalls as Chengs Seek Control and More APAC Real Estate Headlines

A difficult courtship between Blackstone and New World Development leads today’s review of real estate news from around Asia Pacific, with the Hong Kong developer said to be seeking alternative suitors who don’t expect to equate equity with decision-making rights. Also making the list are a Brookfield-backed student housing project and an EQT data centre partnership in Australia. 

Blackstone-New World Talks Stall as Cheng Family Said Clinging to Control

Blackstone’s talks with New World Development have hit a roadblock because the billionaire family that runs the cash-strapped Hong Kong builder is reluctant to give up control, people familiar with the matter said.

Private equity titan Blackstone has proposed injecting $2.5 billion into a special purpose vehicle to become the largest shareholder of New World, while the Cheng family would invest $1 billion to $1.5 billion, the people said, asking not to be identified discussing confidential matters. Talks have slowed recently as the family explores deals with other investors without ceding influence, the people said. Read more>>

Brookfield’s Journal Wins Nod for $18.5M Adelaide Student Housing Project

The Adelaide Economic Development Agency announced this week that Journal Student Living, a partnership between Brookfield Asset Management and Melbourne developer Citiplan Property, has won the rights to develop a student housing project in the city’s North Terrace.

Journal is paying A$26.3 million ($18.5 million) for the rights to the A$400 million-A$450 million project, which occupies a 2,747 square metre (29,568 square foot) site, after triumphing in a government expression of interest campaign managed by JLL. Read more>>

EQT’s EdgeConnex Finalises Australia Data Centre Partnership With Stockland

Australian developer and fund manager Stockland has finalised a 50:50 partnership with EdgeConnex, a data centre operator controlled by Swedish private equity firm EQT, to develop, own and operate a portfolio of data centres in Australia, according to an announcement to the ASX. 

The partnership, which was first announced in August last year, will combine Stockland’s land, development and project management expertise with EdgeConneX’s experience in providing data centre solutions to cloud and AI providers. Read more>>

Nomura REIT to Acquire Tokyo Retail, Residential Buildings for $56M

Nomura Real Estate Master Fund has agreed to acquire two newly completed Tokyo properties from its sponsor, Nomura Real Estate Development, for a combined JPY 8.88 billion ($56 million), the TSE-listed trust said Tuesday. 

The REIT will acquire Gems Tachikawa, a 10-storey retail building near Tachikawa Station in western Tokyo, for JPY 3.05 billion. Nomura Real Estate Master Fund will also purchase Proud Flat Kiyosumidori, a 12-storey residential asset in Tokyo’s Koto ward, for JPY 5.83 billion. Completed in January, the building comprises 138 rental apartments and is located near multiple subway lines. Read more>>

GuocoLand-Led Group Places $515M Top Bid for Condo Site in Singapore’s Lentor Area

A state tender for a private housing site near Singapore’s Lentor MRT station drew a higher-than-expected top bid on Tuesday. 

A tie-up involving GuocoLand, Intrepid Investments and TID Residential placed the top bid of S$657.1 million ($514.8 million) for the eighth 99-year leasehold private housing site released by the state in the new Lentor Hills Estate in about five years. Read more>>

CapitaLand Said in Talks to Sell Chennai Business Park to Mindspace REIT

CapitaLand Investment is in talks to sell a technology park project in Chennai to Mindspace Business Parks REIT, according to people familiar with the matter.

The two firms are in discussions about the property — International Tech Park Chennai, Radial Road — which is owned by a private Indian real estate fund managed by CapitaLand Investment. The 4.6 million square foot (427,350 square metre) park will have four office blocks, CapitaLand’s website shows. Read more>>

India’s Embassy Office Parks REIT Completes $89M Bengaluru Buy

India’s Embassy Office Parks REIT has completed its purchase of the Pinehurst office building within Bengaluru’s Embassy GolfLinks Business Park, according to a Tuesday stock filing.

The REIT acquired the 300,000 square foot (27,871 square metre) office building at a value of INR 8.52 billion ($89 million). The building is fully leased to Fidelity India, the local unit of global financial services firm Fidelity Investments. Embassy GolfLinks is jointly owned by Embassy Group and Blackstone, with Embassy Office Parks REIT saying the acquisition was concluded at a discount to independent valuation benchmarks. Read more>>

Singapore’s JTC Repositions Startup Hub as Kampong AI

Singapore industrial landlord JTC Corporation has rolled out a refreshed masterplan for its LaunchPad at One-North startup hub, sharpening its focus on artificial intelligence and deep-tech startups as the city-state competes for innovation talent.

At the centre of the plan is Kampong AI, a new integrated district combining workspaces, community facilities and housing for founders, researchers and engineers. Two refurbished LaunchPad blocks are scheduled for completion by 2028, delivering 14,500 square metres (156,077 square feet) of business space for up to 70 companies, alongside more than 200 residential units. A pilot phase will begin in March 2026 using existing facilities. Read more>>

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