PAG co-founder and president Jon Paul Toppino
A partnership of KKR and PAG has reportedly emerged as the top bidder for Japanese brewer Sapporo’s real estate business, with that story leading today’s roundup of regional headlines. Also in the news, industrial builder Soon Hock’s Singapore IPO gets a friendly reception and Blackstone’s AirTrunk markets a Malaysian data centre.
KKR-PAG Picked as Preferred Bidder for Sapporo Real Estate
NHK has learned that Japan’s Sapporo Holdings has given preferential negotiating rights to overseas investment funds for the purchase of its real estate unit. Sources say the beer maker has chosen a consortium including US investment giant KKR and Asia-based PAG as the preferred bidder.
Sapporo wants to focus on its main alcoholic beverage business. It has been seeking to sell most of its stake in its office buildings and commercial facilities. Sapporo said in February that more than a dozen firms and investment funds from Japan and overseas had expressed interest. Read more>>
Soon Hock IPO 17X Oversubscribed on the SGX
Industrial developer Soon Hock said Wednesday that its 21.6 million shares on offer were 9.8 times subscribed.
Soon Hock’s Singapore public offer of 2.8 million shares was 16.9 times subscribed and drew 1,444 valid applications for 47.3 million shares in all. The international offer of 18.8 million shares was 8.7 times subscribed, with indication of interest received for some 164 million shares. Read more>>
AirTrunk Marketing 150MW Malaysian Data Centre
Blackstone-backed AirTrunk has mandated Citi and CIMB to hunt for capital partners for its Malaysian asset JHB1, a 150-megawatt hyperscale data centre in Johor Bahru. The facility opened last year and counts TikTok-owner ByteDance as a key client, sources said.
It is early days, but JHB1’s desire to bring in a capital partner has reached Australian shores. The Malaysian data centre is understood to be on the radar of several local superannuation funds, which have invested in data centres across the globe. Read more>>
Blackstone Seeks $130M for Aussie Self-Storage Portfolio
Private equity powerhouse Blackstone is understood to have attracted about 20 groups into a data room for the sale of its Western Australia self-storage business, say sources.
The assets were purchased about five years ago for A$80 million, and the understanding is that Blackstone now wants A$200 million ($130.2 million) for the portfolio. Among the groups likely to be in the data room are major industry players like National Storage REIT, Abacus Storage King and Barings-backed Swift Storage. Read more>>
Embassy Group Repays $200M in Debt With Proceeds of WeWork IPO
Embassy Group has significantly strengthened its balance sheet by repaying INR 17.5 billion ($200 million) worth of non-convertible debentures using proceeds from the offer for sale in the recently concluded WeWork India IPO.
The repayment marks a major step in the group’s ongoing deleveraging strategy and has helped reduce the pledge on its WeWork India shares to a nominal 15 percent. The move underscores Embassy’s view of WeWork India as a long-term strategic asset within its portfolio. Read more>>
Thai Family Marketing $98M Phuket Marina Site
The Na-Ranong family has been closely linked to Phuket’s economic growth for more than a century, starting with tin mining that powered the island’s economy in earlier times before pivoting to develop luxury resorts.
Now, a scion of the clan is leading the sale of a 138,000 square metre (1.5 million square foot) deep-water marina on the Thai island that was one of the key filming locations for season three of The White Lotus. That’s equivalent to roughly 110 Olympic-sized swimming pools. Read more>>
Hong Kong Residential Rents Reach Record High on Mainland Influx
Hong Kong’s residential rental market has improved for eight months straight, with rents reaching a record high amid sustained local and overseas demand as analysts predict the gains will continue into 2026.
Home rents in the city have increased 2.95 percent this year, according to Benny Sham, an analyst at Midland Realty. Read more>>
Mitsubishi Estate Opens Haiphong Logistics Project
According to the Japan International Freight Forwarders Association, Mitsubishi Estate has completed a logistics facility in northern Vietnam’s Hai Phong.
Logicross Hai Phong consists of two one-storey buildings with a ceiling height of 10.5 metres (34.4 feet) and loading docks aligned with freight truck beds. The facility spans 88,000 square metres (947,224 square feet) on a 151,000 square metre site, with a minimum of 4,400 square metres available for rent. Read more>>
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