Richard Massey, managing director, head of ANZ real estate and head of GIC Australia office (Image: LinkedIn)
In today’s review of real estate news from around the region, Singapore’s GIC deepens its Australian bet with a new convenience retail joint venture, AirTrunk closes Japan’s largest-ever data centre financing and a Singapore property dynasty tests Hong Kong’s luxury recovery with a rare waterfront estate tender.
GIC and Haben Said Forming $355M Australian Convenience Retail JV
Singapore’s GIC has agreed to form a A$500 million ($355 million) joint venture with Sydney-based Haben Group targeting convenience retail properties across Australia. The sovereign wealth fund will hold a 90 percent stake in the vehicle.
GIC has also agreed to acquire five retail assets from ASX-listed RAM Essential Services Property Fund and back an A$800 million last-mile logistics fund launched by Hale Capital. Read more>>
AirTrunk Secures $1.2B Green Loan for Tokyo Data Centre Expansion
AirTrunk has secured a $1.2 billion green loan for its TOK1 hyperscale data centre campus in East Tokyo, marking the largest data centre financing ever completed in Japan. The deal was led by SMBC, MUFG, Credit Agricole CIB and Societe Generale.
The loan will fund the next phases of TOK1, scalable to over 300MW. AirTrunk said its total Japan investment now exceeds $8 billion across four campuses. Read more>>
Koramco Raises $47M to Fund Data Centre and Mixed-Use Growth
Seoul-based Koramco Asset Management has completed a KRW 70 billion ($47.4 million) rights issue, bringing its total capital to KRW 140 billion. The firm plans to deploy the funds into large-scale mixed-use developments and data centres.
Koramco manages KRW 54 trillion in assets and is expanding data centre investments in Ansan’s Seonggok and Busan’s Jangnim, the company said. Read more>>
Nuveen Real Estate Acquires First Australian Industrial Asset in Sydney
Nuveen Real Estate has acquired a newly built industrial facility in Sydney’s Prestons suburb, marking its first Australian industrial investment. The 22,492 square metre (242,102 square foot) asset is fully leased to two tenants, according to Nuveen.
The property benefits from dual motorway access in what Nuveen described as Australia’s tightest industrial market. The firm worked alongside Aliro Group on the acquisition. Read more>>
D2 Darwin Data Centre Tops Out With 6MW of AI-Ready Capacity
D2 Darwin has reached structural completion, adding 6 megawatts of AI-ready capacity to the Darwin city centre. The Northern Territory data centre was delivered with 80 percent local construction participation, the company said.
Darwin sits at the crossroads of subsea cables linking Australia with Jakarta, Singapore and broader Asia Pacific markets, positioning it as a low-latency gateway into Southeast Asia. Read more>>
Dexus Wins Approval for $229M Residential Tower on St Kilda Road
Australian developer Dexus has received a ministerial permit to redevelop a former office building on St Kilda Road, approximately six kilometres south of the Melbourne city centre, into a 27-storey residential tower. The project carries a total end cost of A$323.8 million ($228.6 million).
The 402-unit development sits on a 4,533 square metre (48,793 square foot) site that previously housed Cadbury Schweppes and had reached an occupancy rate of 39.9 percent. Read more>>
Cheung Family Lists Rare Hong Kong Waterfront Estate at $38.4M
A Singapore-rooted property family has put Belvedere, a low-density compound in Hong Kong’s Chung Hom Kok on the Southern district waterfront, up for tender at HK$300 million ($38.4 million). The tender closes on 28 April, according to marketing agent JLL.
The 21,170 square foot (1,967 square metre) estate comprises five two-storey houses and is linked to the Cheung family, whose fortune traces to pre-war Singapore entrepreneur Cheung Yik-chong. Read more>>
Gordon Tang Wins Approval for $149M Takeover of Suntec REIT Manager
Acrophyte Asset Management, owned by Singapore property tycoon Gordon Tang, has received regulatory approval to acquire ESR Trust Management (Suntec REIT), the manager of Suntec REIT. Completion of the S$190 million ($149 million) deal is targeted for 17 March.
The move follows an earlier unsuccessful bid by Tang and wife Celine to acquire Suntec REIT itself in 2024. Tang holds a 35.7 percent stake in the trust. 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.
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