Warburg-Backed PDG Said to Tap Goldman for Stake Sale and More APAC Real Estate Headlines

In today’s review of real estate news from around Asia Pacific, Princeton Digital Group taps Goldman Sachs for a potential stake sale, Centurion Corporation snaps up a second worker accommodation asset in Western Australia, and Wanda Commercial prices a new dollar bond at 12.5 percent as it refinances debt. 

Warburg Pincus-Backed PDG Said to Tap Goldman for Stake Sale

Princeton Digital Group, the Warburg Pincus-backed Asian data centre operator, has engaged Goldman Sachs to conduct a strategic review that may result in a stake sale, according to people familiar with the matter.

The process remains preliminary and no final decision has been made about bringing in new equity partners or other aspects of a potential deal, the people said, asking not to be identified discussing private deliberations. Read more>>

Centurion Acquires Second Western Australia Worker Housing Asset

Singapore-listed Centurion Corporation has agreed to acquire Concorde South, a key worker accommodation in South Hedland, Western Australia. The freehold, six-storey building comprises 77 apartments with 125 beds across a 5,378 square metre (57,888 square foot) site.

The purchase marks Centurion’s second key worker asset in Western Australia, following its acquisition in Karratha earlier this month, and is expected to be earnings accretive upon completion, the company said. Read more>>

UI Boustead REIT Partners With Fraxtor on $65M Japan Logistics JV

UI Boustead REIT has entered a joint venture with Fraxtor Group to develop two logistics facilities in Japan. Total development costs, including base construction and financing expenses, are JPY 10.3 billion ($64.7 million).

UI Boustead REIT’s share of costs is about JPY 2.5 billion, and upon completion the development will be managed by UI Japan, a wholly owned subsidiary of the REIT’s sponsor UIB Holdings, according to the bourse filing. Read more>>

Wanda Commercial Prices New 3-Year Dollar Bond at 12.5% Coupon

Dalian Wanda Commercial Management Group plans to issue a Reg S, three-year US dollar-denominated senior bond with a coupon rate of 12.5 percent, with a settlement date of 29 April 2026 and maturity on 29 April 2029.

The bond guarantor is Wanda Commercial Properties (Hong Kong) Ltd, and proceeds will refinance existing debt. The bonds will list on the Singapore Exchange, with Deutsche Bank acting as sole bookrunner. Read more>>

SHKP Lands Banco Santander as First Tenant at West Kowloon Gateway Centre

Sun Hung Kai Properties has welcomed Banco Santander as the first tenant to move into the International Gateway Centre in West Kowloon, Hong Kong. The Spanish bank held an opening ceremony on 16 April, attended by 200 staff.

Banco Santander occupies an entire floor spanning 37,000 square feet (3,437 square metres) in one of the four Grade A office towers. Together the towers total 2.6 million square feet of premium space, SHKP said. Read more>>

CapitaLand Ascott Trust Says Q1 Distribution Income Stayed Stable

CapitaLand Ascott Trust’s manager reported that distribution income remained relatively stable in the first quarter ended March, as interest savings from lower rates and past divestment gains offset the impact of renovation closures at The Cavendish London and The Madison Hotel Hamburg.

Excluding The Cavendish London and 2025 acquisitions and divestments, first-quarter revenue per available unit rose 1 percent year-on-year to S$137 ($107.5), on a 77 percent occupancy rate. Read more>>

Two-Speed Recovery Splits Hong Kong Central Office Market, CBRE Data Shows

A two-speed recovery is emerging in Hong Kong’s Central office market, with rents at top-tier buildings such as The Henderson rising 12.1 percent in the first quarter while the broader Grade A market gained only 1.4 percent, according to CBRE data.

City centre Grade A vacancy eased to 9.6 percent in the first quarter, but the divergence is pushing landlords of older towers to hire asset managers and adopt more active leasing strategies. Read more>>

Nomura Issues $188M in Green Bonds to Fund New Nihonbashi Headquarters

Nomura Holdings plans to issue JPY 30 billion ($188.4 million) in green bonds to finance the acquisition of floors in its new headquarters at the Nihonbashi Nomura Mitsui Tower in Tokyo, part of the Tokyo Midtown Nihonbashi redevelopment.

Nomura will relocate to the Nihonbashi district, the traditional centre of Tokyo finance, when the project completes in late September. The tower is expected to receive DBJ Green Building Certification, the company said. Read more>>

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