Pacific Century Premium Developments executive director Richard Li (Image: PCPD)
In today’s real estate news from across the region, Pacific Century Premium Developments agrees to sell its Jakarta Grade A office tower for $400 million, China’s new home prices extend their losing streak into February, and Digital Edge closes Indonesia’s largest data centre green loan at $665 million.
Richard Li’s Pacific Century Premium Selling Jakarta Office Tower for $400M
Pacific Century Premium Developments has agreed to sell its Jakarta Grade A office tower, Pacific Century Place, for $400 million to a fund managed by an arm of China Merchants Bank. The 93,316 square metre (1 million square foot) building occupies the Indonesian capital’s Sudirman Central Business District.
The Hong Kong-listed builder controlled by Richard Li, the younger son of tycoon Li Ka-shing, said the proceeds would reduce debt and fund residential projects in Japan, Thailand and Hong Kong. Completion is subject to shareholder approval and financing, with a long-stop date of 31 July 2026. Read more>>
Stoneweg European Trust Buys Netherlands Cold Storage Facility for $40M
Singapore-listed Stoneweg Europe Stapled Trust has acquired a cold storage logistics facility in the Dutch town of Waddinxveen for €35 million ($40 million). The 30,398 square metre (327,201 square foot) property is fully leased to fresh-produce wholesaler Combilo under an eight-year triple-net lease.
Purchased at an 8 percent discount to independent valuation, the deal is SERT’s first acquisition since 2022. It lifts the trust’s Netherlands exposure to 29.7 percent of its portfolio. Read more>>
Avatar Capital Signs New Tokyo Multi-Family Deal
Avatar Capital Partners has signed a purchase and sale agreement for a new multi-family development in central Tokyo, adding to the ACP Real Estate Fund I portfolio of residential assets.
Avatar was co-founded by Macquarie Asset Management veterans Angel Li and Ryuta Ueda, and closed its debut Tokyo living fund at JPY 15.2 billion ($95.3 million) in 2025, focusing on off-market prime residential assets. Read more>>
Gaw Capital Launches $400M Middle East Growth Equity Fund
Gaw Capital Partners has launched the Gaw Tamkeen Nexus Fund, a growth equity vehicle targeting technology-enabled companies across the Gulf Cooperation Council, with a first close of $150 million. The fund is targeting over $400 million in total commitments.
The Hong Kong-based investment manager said the fund will focus on fintech, AI, digital infrastructure and climate technology sectors. Gaw is also establishing offices in Abu Dhabi and Riyadh to strengthen its GCC platform. Read more>>
China New Home Prices Extend Decline in February
China’s new home prices extended their decline in February, with official data showing a 0.3 percent month-to-month drop, moderating from the 0.4 percent fall in January, according to Reuters calculations based on National Bureau of Statistics figures.
On an annual basis, prices dropped 3.2 percent, deepening from a 3.1 percent decline in January. New home prices have not posted a monthly gain since May 2023, according to the data. Read more>>
Fund Manager Linked to Tanoto Family Said Buying Singapore Shops for $219M
A fund manager previously linked to Indonesia’s Tanoto family is buying 11 community retail assets in Singapore from Mercatus Co-operative, the property arm of NTUC Enterprise, for S$281 million ($219.2 million), according to a Business Times report.
The portfolio of strata-titled retail spaces, anchored by NTUC FairPrice supermarkets, spans 172,000 square feet (15,979 square metres) across Housing Development Board estates and other sites. Read more>>
SGX-Listed Acrophyte Hospitality Trust Terminates Sale of Memphis Hotel
Singapore-listed Acrophyte Hospitality Trust has announced the termination of the proposed sale of its Hyatt Place Memphis Primacy Parkway hotel in Tennessee, after the buyer withdrew during the due diligence period.
The purchaser’s $100,000 earnest money deposit has been refunded, the managers said. Acrophyte, which holds 31 hotels with 4,061 rooms across 16 US states, said it will continue exploring strategic options for the property. Read more>>
Digital Edge Closes $665M Green Loan for Indonesia Hyperscale Campus
Digital Edge has closed a $665 million green loan to fund the first phase of its 500MW CGK Campus in Bekasi, Indonesia — the country’s largest data centre green loan on record, the company said.
The hyperscale campus forms part of a $4.5 billion multi-phase investment at GIIC Industrial Estate and is designed to target a power usage effectiveness of 1.25 and achieve LEED certification. Read more>>
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