Singapore Family Office Buys Brisbane Hotel for $22M and More Asia Real Estate Headlines

A tourism boost from Brisbane’s upcoming Olympic games leads today’s real estate headlines, with a Singapore family office betting on a hotel in the Queensland capital. Also making the list are a fresh report on the potential for a CapitaLand-Mapletree merger and a Singaporean JV selling a Western Australia asset.

Singapore’s Jaleel Family Bets on Olympic Bonus With $22M Brisbane Hotel Buy

Singapore’s wealthy Jaleel family has snapped up a Brisbane hotel, adding to its growing Australian portfolio as it taps into the much-anticipated boom for the sector from the 2032 Olympics.

High Street Holdings, the investment arm of the Jaleel family’s JD Properties, bought the George Hotel in Brisbane’s central business district for A$34 million ($22.2 million), with plans to increase its A$150 million Australian hotel portfolio. The group’s family office has a high conviction in the Brisbane hotel market, said David Marriott, a partner at High Street Holdings. Read more>>

CapitaLand May Spin Off China Assets on Way to Mapletree Merger

CapitaLand Investment is exploring options including carving out its assets in China as part of a potential merger with fellow Singaporean real estate asset manager Mapletree Investments, according to people familiar with the matter.

While talks of a possible merger have been on and off for years, discussions have picked up recently as part of year-end strategic reviews, the people said, asking not to be identified discussing private deliberations. Any deal would be complex, given the web of assets belonging to the firms, including some in their REITs, the people said. Read more>>

Metro-Sim Lian JV Sells Western Australia Mall for $23M

Singapore-listed Metro Holdings announced late last week that it has divested Dalyellup Shopping Centre, a freehold neighbourhood retail property at 54 Tiffany Centre in Dalyellup, Western Australia. The property was held under a 30:70 joint venture with Sim Lian Group.

The JV partners sold the mall for S$30.5 million ($23.4 million), translating to S$438 per square foot based on a net lettable area of 6,468 square metres (69,622 square feet). Read more>>

GIC, K Raheja Land UBS as Major Tenant in Mumbai Office Project

UBS is taking up new office space in a Mumbai skyscraper backed by Singapore’s GIC early next year, joining a list of high-profile tenants.

The bank will move staff to the Altimus, a building jointly owned by the Singaporean fund and India’s K Raheja Corp, according to people who asked not to be named discussing private matters. UBS’s new space is designed to accommodate employees from the recently integrated Credit Suisse, one of the people said. Read more>>

Japan’s JR East Targets Real Estate in $17B Diversification Push

East Japan Railway plans to spend up to JPY 2.6 trillion ($16.9 billion) on mergers and acquisitions through the year ending in March 2032 to expand into growth areas such as financial technology, real estate and retail.

The company’s chief executive, Yoichi Kise, identified real estate and retail as aligning with JR East’s existing strengths, with the company already having extensive land holdings adjacent to railway stations in Japan, which it sees as having the potential for development of mixed-use hubs. Read more>>

Lendlease Buys Out State Govt Stake in Major Fund Following Management Battle

Lendlease has bought out the New South Wales government’s stake in a major real estate fund, helping TCorp offload a holding it has been trying to sell for months and giving the property giant more control over one of its flagship vehicles.

TCorp, the state’s investment arm, held an 11 percent stake in Australian Prime Property Fund Industrial and sided with Lendlease in its battle with Hostplus and Mirvac over control of the entity. Read more>>

Blackstone Dumping $1.8B US Senior Living Portfolio

Real estate giant Blackstone is liquidating a major investment gone wrong: a $1.8 billion wager on senior housing that has saddled the firm with more than $600 million in losses.

It is shaping up to be one of the New York firm’s worst investments in recent years. Blackstone has been quietly selling off its portfolio of about 9,000 senior housing units across the US through a series of one-off transactions, sometimes at losses of more than 70 percent compared with their purchase price, according to a Wall Street Journal analysis of public records. Read more>>

Frasers Logistics & Commercial Trust Distributions Dip 11%

The manager of Singapore-listed Frasers Logistics and Commercial Trust posted a distribution per unit of S$0.0295 for the six months to the end of September, down 11.1 percent year-on-year.

This was in line with capital DPU being steadily reduced to S$0.0026 in the half and consistent with the REIT’s approach to preserve debt headroom for growth while supporting near-term distribution stability, the manager said. Read more>>

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