Key Takeaways
- • Blackstone is pitching a real estate secondaries fund targeting at least $3 billion, according to Bloomberg, buying stakes in other asset managers' property vehicles amid a prolonged need for liquidity.
- • Singapore's 8M Real Estate has agreed to buy 50 conservation shophouses in the Tanjong Pagar Conservation Area for S$500 million ($389 million), per the Business Times, with completion due in Q1 2027.
- • Three bids were received for the last site in the Urban Renewal Authority's To Kwa Wan redevelopment scheme in Kowloon, with an analyst expecting the winning bid at HK$4.4-4.6 billion ($560.9-586.4 million).
- • The Sultan of Brunei sold a long-vacant Surfers Paradise beachfront site to a Dubai-based developer for close to A$70 million ($47.9 million), roughly 4.7 times the A$15 million he paid in 1997.
- • Brookfield India REIT grew quarterly net operating income 51% to INR 7.7 billion ($82.1 million), while NTT DC REIT's distributable income of $45 million beat its IPO prospectus forecast by 10%.
Summary
Blackstone is pitching a real estate secondaries fund targeting at least $3 billion, according to Bloomberg. The fund will buy stakes in other asset managers' property vehicles, reflecting a sector that faces a prolonged need for liquidity. Blackstone's secondaries arm, Strategic Partners, raised $2.6 billion for its eighth real estate secondaries fund in 2023, when executives cited growing cash demand among money managers and their limited partners.
In Singapore, 8M Real Estate has agreed to buy 50 conservation shophouses in the Tanjong Pagar Conservation Area near the city centre for S$500 million ($389 million), the Business Times reported. Entities linked to veteran property investor Tony Chen largely own the portfolio, and EY-Parthenon managed the sale process. The deal is due to complete in the first quarter of 2027 and will expand 8M's portfolio of more than 70 properties.
Hong Kong's Urban Renewal Authority received three bids for the final site in its To Kwa Wan redevelopment scheme in Kowloon, the authority said. Bidders included CK Asset, China Overseas Land & Investment, and a partnership of Sino Land and Great Eagle. Alex Leung of CHFT Advisory and Appraisal expects the winning bid to reach HK$4.4 billion to HK$4.6 billion. The five earlier tenders in the district each drew six to eight bids.
The Sultan of Brunei has sold a long-vacant beachfront site in Surfers Paradise, on Australia's Gold Coast, to a Dubai-based developer for close to A$70 million, The Australian reported. The 7,558 square metre site was acquired through a government-controlled company for about A$15 million in 1997. Colliers agents Steven King and Jackson Robinson handled the sale, which the report says ranks among the largest on the Gold Coast.
In listed REIT results, Brookfield India REIT grew net operating income 51% year-on-year to INR 7.7 billion ($82.1 million) in the quarter to September, with committed occupancy at 93% and global capability centres accounting for 51% of gross leasing. It declared a distribution of INR 5.7 per unit, up 9%. Singapore-listed NTT DC REIT reported distributable income of $45 million for the six months to September, 10% above its listing prospectus forecast, with portfolio occupancy rising to 97.5% from 95.9%. Separately, Centurion Corporation grew third-quarter revenue 41% to S$95.2 million ($74.1 million), though worker dorm occupancy fell to 84% from 90% a year earlier.
In Singapore, 8M Real Estate has agreed to buy 50 conservation shophouses in the Tanjong Pagar Conservation Area near the city centre for S$500 million ($389 million), the Business Times reported. Entities linked to veteran property investor Tony Chen largely own the portfolio, and EY-Parthenon managed the sale process. The deal is due to complete in the first quarter of 2027 and will expand 8M's portfolio of more than 70 properties.
Hong Kong's Urban Renewal Authority received three bids for the final site in its To Kwa Wan redevelopment scheme in Kowloon, the authority said. Bidders included CK Asset, China Overseas Land & Investment, and a partnership of Sino Land and Great Eagle. Alex Leung of CHFT Advisory and Appraisal expects the winning bid to reach HK$4.4 billion to HK$4.6 billion. The five earlier tenders in the district each drew six to eight bids.
The Sultan of Brunei has sold a long-vacant beachfront site in Surfers Paradise, on Australia's Gold Coast, to a Dubai-based developer for close to A$70 million, The Australian reported. The 7,558 square metre site was acquired through a government-controlled company for about A$15 million in 1997. Colliers agents Steven King and Jackson Robinson handled the sale, which the report says ranks among the largest on the Gold Coast.
In listed REIT results, Brookfield India REIT grew net operating income 51% year-on-year to INR 7.7 billion ($82.1 million) in the quarter to September, with committed occupancy at 93% and global capability centres accounting for 51% of gross leasing. It declared a distribution of INR 5.7 per unit, up 9%. Singapore-listed NTT DC REIT reported distributable income of $45 million for the six months to September, 10% above its listing prospectus forecast, with portfolio occupancy rising to 97.5% from 95.9%. Separately, Centurion Corporation grew third-quarter revenue 41% to S$95.2 million ($74.1 million), though worker dorm occupancy fell to 84% from 90% a year earlier.
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