Stonepeak Nears $1.8B Buy of Bain Aussie Care Homes and More APAC Real Estate Headlines

In today’s review of real estate news from across the region, Stonepeak closes in on a major Australian aged-care acquisition, South Korea’s JoongAng Group agrees a sale and leaseback of its Seoul media headquarters, and Hanwha REIT moves to acquire the E-Mart Tower in central Seoul for $231 million.

Stonepeak Said Closing in on $1.8B Deal to Buy Aged-Care Operator From Bain

New York-based private equity firm Stonepeak is in advanced discussions to acquire Australian aged-care operator Estia Health for A$2.5 billion ($1.8 billion), according to The Australian. The deal would deliver a substantial return for Boston-based Bain Capital, which took Estia private in 2023 for A$838 million.

Estia runs more than 90 aged-care homes for over 10,000 residents across Australia. The acquisition would complement Stonepeak’s NZ$1.3 billion ($763.6 million) purchase of New Zealand retirement village operator Arvida Group, completed in November 2024. Read more>>

Koramco Agrees to $363M Sale-and-Leaseback for JoongAng’s Seoul Media Assets

South Korea’s JoongAng Group has selected Koramco REITs Management and Trust as the preferred bidder for a real estate securitisation covering three assets, including the JoongAng Ilbo headquarters building in Seoul’s Mapo district, the JTBC building in the same area, and the Ilsan Studio in Goyang, Gyeonggi province. The total transaction size is KRW 550 billion ($363.4 million), the company said.

The sale will proceed as a sale and leaseback, with JoongAng Group remaining as a long-term tenant for 10 years. The group plans to use proceeds to repay borrowings at affiliates including Contentree JoongAng. Read more>>

Hanwha REIT Acquires Seoul’s E-Mart Tower for $231M

Hanwha Asset Management REIT has agreed to acquire the E-Mart Tower in Seoul’s Jung district for KRW 350 billion ($231.2 million), according to a regulatory filing. The seller is NH-Amundi Private Real Estate Fund 12, and the transaction is scheduled to close on 5 June.

Hanwha REIT said the acquisition represents 22.5 percent of its total assets and aims to enhance earnings through stable rental income. The company plans to finance the purchase through borrowings and short-term debt issuance, the filing said. Read more>>

Haidilao Co-Founder’s Family Buys Second Singapore Bungalow for $67M

A family member of Haidilao co-founder Shi Yonghong has purchased a freehold bungalow in Singapore’s Cluny Hill Good Class Bungalow Area for S$85 million ($66.5 million), according to the Business Times.

The property is adjacent to one Shi bought in 2022 for S$50 million from Lee Wei Ling, the daughter of founding Singapore prime minister Lee Kuan Yew. Both properties are located within the Cluny Hill GCB Area. Read more>>

Digital Edge Closes $575M Financing to Expand APAC Data Centre Platform

Digital Edge has closed a $575 million holding company financing to fund the continued expansion of its data centre campus footprint across South Korea, Japan, India and Southeast Asia, the company said. Clifford Capital, Deutsche Bank, MUFG, SMBC and Standard Chartered acted as mandated lead arrangers.

The facility includes a feature allowing conversion to a sustainability-linked loan, subject to agreement on sustainability performance targets. MUFG, SMBC and Standard Chartered will serve as sustainability-linked loan coordinators. Read more>>

Sydney Olympic Park Site on the Market After Chinese Developer Defaults

Metrics Credit Partners is marketing a 16.7 hectare (41.3 acre) mixed-use development site at 15-35 Carter Street near Sydney Olympic Park, after its Chinese state-backed owner defaulted on a A$270 million ($192.8 million) loan. The site is being sold by KordaMentha as agents for the mortgagee in possession.

The precinct carries an approved 10-lot subdivision framework with the potential to deliver more than 308,000 square metres (3.3 million square feet) of gross floor area. An expressions-of-interest campaign closes on 18 June. Read more>>

Eugene Group Breaks Ground on AI Data Centre in South Korea’s Bucheon

Tongyang, an affiliate of South Korea’s Eugene Group, has broken ground on the Bucheon Samjeong AI Hub Centre after completing project financing procedures for the development, the company said. The facility will have a total power receiving capacity of 9.8 megawatts and an IT load capacity of 7MW, and it will adopt a liquid cooling system.

LG CNS and DC Platform are project partners, with DL Construction handling construction work. The centre is expected to begin full-scale operations after 2028. Read more>>

LHN Group Reports 19% Rise in Half-Year Profit as Co-Living Revenue Grows

Singapore-listed real estate management group LHN reported an attributable profit of S$16.8 million ($13.1 million) for the six months to the end of March, up 18.6 percent year-on-year, according to the company’s results presentation. Group revenue fell 13.7 percent to S$60.9 million, partly reflecting the absence of property development revenue.

The company’s Coliwoo co-living portfolio reached 3,568 rooms across 28 locations with an occupancy rate of 97 percent, the presentation said. LHN declared an interim dividend of S$0.01 per share, unchanged from the prior year. Read more>>

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