Bain Said Marketing Former Chindata for $4B and More Asia Real Estate Headlines

Bain Capital seeks a buyer for the China business of the data centre firm formerly known as Chindata, with that report leading today’s headline roundup. Also in the news, Manulife US REIT agrees to sell an Atlanta office tower and Starwood Capital expands its APAC warehouse portfolio.

Bain Capital Said Marketing China Data Centre Business for $4B

US investment firm Bain Capital is seeking to sell the China business of the data centre operator formerly known as Chindata, in a deal that could value the business at over $4 billion, two people with knowledge of the situation said.

Bain has engaged with advisors who have held preliminary conversations with potential buyers in recent months, said the people, declining to be named discussing private information. The China business of WinTriX DC Group, formerly known as Chindata Group Holdings, has estimated 2025 earnings before interest, tax, depreciation and amortisation of close to RMB 4 billion ($550 million), they said. Read more>>

Manulife US REIT Selling Atlanta Office Block for $134M

The manager of Manulife US REIT announced Sunday that it has agreed to sell Peachtree, a 28-storey Class A office building in Atlanta, for $133.8 million.

The purchaser is an unrelated third party, and the purchase-and-sale agreement is subject to approval by the lenders of Manulife US REIT, among other conditions. The trust expects to get $118.8 million as net proceeds from the deal, excluding seller’s credit and transaction costs. Read more>>

Starwood Expands APAC Shed Holdings with $21M Melbourne Buy

Centuria Capital has acquired a last-mile logistics asset near the Port of Melbourne for its A$500 million mandate from Starwood Capital. The US powerhouse has been among the active buyers in the hot logistics sector and has now bought a A$33 million ($21 million) industrial facility in the tightly held urban infill market of Tottenham, in Melbourne’s west.

The deal was the fifth off-market property secured for the Last Mile Logistics Partnership, with the portfolio expanding to about A$200 million. Starwood, co-founded by billionaire Barry Sternlicht, is one of the largest investors in the world and has a local presence. Read more>>

CDL Bid to Buy Out NZ Hotel Unit Falls Short

City Developments Ltd failed in a bid to buy out its listed New Zealand hotel unit, in another setback for the embattled Singapore developer.

The company controlled by Singapore’s richest family has sought to take Millennium & Copthorne Hotels New Zealand private. A revised final offer did not attract sufficient interest from minority investors to meet a 90 percent threshold by an 8 May deadline, the hotel operator said in a New Zealand stock exchange filing on Friday. Read more>>

CoStar Buys Australia’s Domain for $1.9B

US real estate firm CoStar will acquire Domain for A$3 billion ($1.92 billion) including debt, the Australian property listings platform said on Friday, in a bid to create a well-capitalised rival to News Corp’s REA.

After weeks of due diligence by CoStar, which owns a 16.9 percent stake in Domain, the companies have agreed on the US firm’s A$4.43 apiece offer. Domain shares gained as much as 5.2 percent to A$4.47 and were set for their biggest single-day rise in nearly a month. Read more>>

Nan Fung Affiliate to Set Up New York Office in US Expansion

Nan Fung Trinity, the financial investment and family office arm of Hong Kong conglomerate Nan Fung Group, is planning to set up an office in New York to tap investment opportunities in the US, according to people familiar with the matter.

The firm known as NF Trinity is hiring three investment-related employees in the US and plans to have an office near Midtown Manhattan, the people said, asking not to be named discussing private matters. Read more>>

Declining HIBOR Could Revive Hong Kong Residential Market

Declining interest rates in Hong Kong are increasing the chances of the residential property market bottoming out, according to Jefferies, an investment banking and capital markets firm.

The one-month Hong Kong Interbank Offered Rate has plunged 205 basis points in the past four days, potentially bringing relief for a market hammered by high interest rates and slumping prices. Money markets are flush after the monetary authority sold $16.6 billion in local currency to stop it from strengthening past its pegged range. Read more>>

Japan’s IIJ to Expand Data Centre East of Tokyo

Japanese group IIJ will expand its Shiroi data centre campus, located east of Tokyo in Shiroi City, Chiba prefecture. Dubbed Phase 3, the expansion will add about 1,000 racks, amounting to 10 megawatts of capacity expandable to 25MW. The site currently offers 1,800 racks with 20MW of capacity.

Construction is scheduled to begin on 1 June, with the start of operation planned for fiscal 2026. The facility, which is around 40,000 square metres (430,000 square feet), was built in 2019 and first expanded in 2023, but IIJ estimated that the centre would reach maximum capacity by 2026. Read more>>

India’s ICICI Shifting PE, Real Estate Funds to Prudential JV

India’s ICICI Venture Funds Management has approved transferring its private equity and real estate fund management businesses to ICICI Prudential Asset Management, parent ICICI Bank said Friday.

The move is aimed at consolidating investment offerings under ICICI Prudential AMC, so it can provide a full suite of asset classes, including private equity, the bank said in an exchange filing. Read more>>

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