Henry H McVey, chief investment officer of KKR’s balance sheet (Image: KKR)
In today’s review of real estate news from around the region, KKR signals a deepening commitment to Japan despite rising commodity risks tied to the conflict in Iran, while Blackstone charts a new course in India as institutional competition crowds its once-dominant markets. Elsewhere, a Singapore-listed REIT closes out its PLQ Mall acquisition, and a Korean REIT makes a surprise exit from its planned stock market debut.
KKR Bets on Japan Real Estate Despite Energy Price Risk, CIO Says
KKR is expanding its private equity, credit, insurance and real estate business in Japan, encouraged by the country’s corporate governance overhaul and sustained inflation, the firm’s chief investment officer Henry McVey said.
McVey said sustained inflation is creating real estate opportunities as Japanese companies face pressure to divest non-core assets, while flagging higher commodity prices ahead given Japan’s energy import reliance and conflict in Iran blocking the Strait of Hormuz. Read more>>
Blackstone Shifts India Real Estate Strategy Into Secondary Cities, Niche Assets
Blackstone is shifting its India real estate strategy beyond prime metropolitan markets into secondary cities and niche assets such as clinics and student dormitories, as rising institutional competition compresses yields in the $300 billion property market.
The firm’s $50 billion India portfolio is split evenly between real estate and private equity. Vice chairman Tuhin Parikh, who led the firm’s India entry, said the next phase will prioritise data centres and residential development. Read more>>
Fawkner Property Buys Melbourne HQ for $48M in Bargain Office Deal
Melbourne-based fund manager Fawkner Property has acquired 484 St Kilda Road, its own Grade A office headquarters, for A$70 million ($48.3 million), valuing the 16-level tower at a significant discount to its A$94 million sale price in 2014.
The 20,270 square metre (218,185 square foot) building, located five kilometres (3 miles) south of Melbourne’s city centre, was sold by a Switzerland-based Kuehne-managed investment vehicle. Tenants include Frasers Property and Garnaut Private Wealth. Read more>>
Qingjian JV Tops $740M Singapore Dover Drive Land Bid
A joint venture comprising Qingjian Realty, Forsea Residence and Jianan Realty Investments has submitted the top bid of S$951 million ($740 million) for a residential government land sales site along Dover Drive in Singapore’s One-North precinct.
The bid translated to S$1,556 per square foot of potential built area, the second highest for a residential site in the Rest of Central Region. Six bids were submitted in total. Read more>>
Equalbase and Sunway Open Johor Free Commercial Zone in JS-SEZ
Equalbase and Sunway Group have officially opened 103 Degrees, a 55 hectare (136 acre) free commercial zone in Sunway City Iskandar Puteri in southern Malaysia’s Johor state.
The first two warehouses, spanning 1.5 million square feet (139,355 square metres), are completed and fully leased to international operators DSV and GXO Logistics. The zone is the first sustainable free commercial zone within the Johor-Singapore Special Economic Zone and received fast-track approval under the Johor Super Lane framework. Read more>>
Lendlease REIT Completes 30% PLQ Mall Stake Acquisition
Lendlease Global Commercial REIT has completed its acquisition of a 30 percent stake in PLQ Mall in Singapore’s Paya Lebar Quarter, the trust’s manager said Thursday.
The REIT raised gross proceeds of S$196.6 million ($153 million) through a preferential offering, using S$100.8 million to fund the acquisition, with the remainder allocated to transaction costs and debt repayment, according to the manager. Read more>>
Hana Financial’s Debut REIT Pulls $84M Korea Listing on Weak Demand
Hana Office REIT, the first listed REIT from South Korea’s Hana Financial Group, has withdrawn its planned listing on the Korea Composite Stock Price Index about two months after filing a securities registration statement.
The withdrawal followed weak demand from institutional investors during a two-day book-building exercise, with Hana Office REIT citing financial market volatility and oil price instability. The KRW 126 billion ($83.6 million) offering had been priced at KRW 5,000 per share. Read more>>
Shui On Land Posts $246M Loss as China Property Headwinds Persist
Shui On Land posted a net loss of RMB 1.7 billion ($246 million) for 2025, as a 47 percent drop in contracted sales and falling investment property values weighed on results, though core earnings held at RMB 397 million.
Total rental and related income, including joint ventures and associates, grew two percent year-on-year to RMB 3.6 billion in 2025, marking the third straight year of rental growth, the Hong Kong-listed developer said. 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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