Brookfield Boosts Aussie Shed Holdings to $830M and More Asia Real Estate Headlines

A Sydney project enlarges Brookfield’s Down Under logistics portfolio, with that story leading today’s headline roundup. Also in the news, Blackstone looks to refinance some of its AirTrunk-related debt and a convicted oil trader’s wife markets a Singapore mansion.

Brookfield Sydney Project Brings Aussie Shed Portfolio to $830M

Brookfield Asset Management has bolstered its Australian logistics platform to A$1.25 billion ($830 million) with a new estate in the western Sydney suburb of Villawood that is now fully operational, and the Canadian giant plans to grow its overall portfolio to A$2.5 billion.

Brookfield had secured leasing commitments for most of the Connect Central Sydney Logistics Estate, with more than 90 percent of the space leased or under advanced negotiation. Big tenants include Kerry Logistics, Honest to Goodness, Scope Joinery, Ricky Richards, FJT Logistics, Seima and Euro Car Parts. Read more>>

Blackstone Said Looking to Refinance AirTrunk Junior Debt

Blackstone is planning to refinance A$5.5 billion ($3.6 billion) in junior debt it is raising for the proposed buyout of AirTrunk, in what is the alternative asset manager’s largest-ever investment in Asia Pacific.

Blackstone plans to refinance the existing facility, which is being raised at the holding company, with new debt obtained at AirTrunk’s operating company level, said the people, who asked not to be identified discussing private matters. The new funds will help back the data centre operator’s future expansion in Asia Pacific as it looks to roll out new facilities, the people said. Read more>>

Singapore Home Owned by Wife of Convicted Oil Trader on Market for $75M

The wife of convicted Hin Leong Trading founder OK Lim has quietly put up for sale her good class bungalow in Queen Astrid Park for S$100 million ($75.4 million).

The 999-year leasehold property was put on the market just days after the Lim family agreed to pay $3.5 billion to liquidators of the now-defunct oil trading firm. Read more>>

Blackstone to Take US Retail REIT Private in $4B Deal

Blackstone and Retail Opportunity Investments Corp have entered a definitive deal under which Blackstone Real Estate Partners X will acquire all outstanding common shares of ROIC for $17.50 per share in an all-cash transaction valued at $4 billion, including outstanding debt.

ROIC’s portfolio consists of 93 high-quality, grocery-anchored retail properties totalling 10.5 million square feet (975,482 square metres) and concentrated in Los Angeles, Seattle, San Francisco and Portland. Read more>>

Chinese Developer Fu Wah Puts Park Hyatt Melbourne on the Block

While Melbourne has welcomed more hotel openings and developments of late, one foreign investor is expected to offload one of the city’s key luxury accommodation offerings.

The Beijing-based Fu Wah International Group will place the 245-room Park Hyatt Melbourne hotel on the market, according to sources, and the landmark listing is expected to fetch as much as A$120 million ($79.6 million). Fu Wah International, which has hotels across the region, including the five-star Park Hyatt Auckland, is expected to list the Melbourne landmark early next year. Read more>>

Former ARA US Hospitality Trust Reports 4% Dip in Net Property Income

Singapore-listed Acrophyte Hospitality Trust’s net property income for the first nine months of 2024 fell 4 percent year-on-year to $33.8 million.

Revenue amounted to $129.4 million, down 3.9 percent year-on-year. The REIT, previously known as ARA US Hospitality Trust, recorded a lower operating profit of $46.3 million, down 4.9 percent. Read more>>

Goodman Says Power Locked In for Data Centre Expansion

Industrial property powerhouse Goodman Group has locked in more power for a new wave of data centres being developed globally and flagged that it could end up operating some facilities as demand surges on the back of the AI revolution.

The market for data centres has been reset by massive investments, led by Blackstone and the Canada Pension Plan Investment Board buying Sydney-headquartered AirTrunk, and the Goodman Group has shifted its business model to develop the massive complexes around the world. Read more>>

Apollo to Double Headcount in Asia Private Wealth

Apollo Global Management is looking to boost hiring in the Asia Pacific region as it seeks to grow assets from wealthy clients.

“We plan to double headcount for private wealth in Asia Pacific in next two to three years,” said Edward Moon, head of Asia Pacific global wealth management, adding that hiring will mostly come from Japan, Korea and Australia. The firm will also continue to build out its teams in Singapore and Hong Kong, Moon said in an interview. Read more>>

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