Stack has its Mel 2 facility underway in Melbourne (Image: Stack Infrastructure)
Blue Owl’s Stack Infrastructure leads today’s real estate headlines from around Asia Pacific as it seeks a $5.9 billion loan to fund its third Melbourne data centre. Also in the news are Australia’s Mirvac circling $441 million in Sydney and Melbourne office tower stakes and South Korea’s Koramco REITs moving to sell its Anyang Logistics Centre for about $175 million.
Blue Owl’s Stack Seeks $5.9B Loan for Melbourne Data Centre
Stack Infrastructure, a data centre portfolio company of US fund manager Blue Owl Capital, is seeking an A$8.5 billion ($5.9 billion) syndicated loan to fund its third data centre in Melbourne, in what could be one of the largest such financings to the sector in Australia, people familiar with the matter said.
Talks with banks are at an early stage and terms may change, the people said. Stack is separately weighing a sale of data centre assets in Australia, Japan and Malaysia valued at more than $30 billion, following a similar multibillion-dollar loan raised recently by Blackstone-backed AirTrunk in Sydney. Read more>>
Mirvac Eyes $441M Stakes in Sydney, Melbourne Office Towers
ASX-listed Mirvac is closing in on stakes in two prime office towers being sold by industry superannuation-backed Cbus Property, in deals worth close to A$640 million ($441 million) combined, to be placed in its flagship office fund.
In Sydney, Mirvac is targeting an interest in 5 Martin Place, valued at about A$600 million, while in Melbourne it is eyeing a stake in 171 Collins Street, home to mining giant BHP’s 30,000 square metres (323,000 square feet) of headquarters space. The A$7 billion Mirvac Wholesale Office Fund has raised A$630 million over the past 12 months to help fund such acquisitions. Read more>>
Koramco REITs Moves to Sell Anyang Logistics Centre for $175M
Koramco REITs Management and Trust has begun the process of selling Anyang Logistics Centre, a metropolitan logistics asset in Gyeonggi Province, with the transaction price expected in the mid- to high-KRW 200 billion range (about $160 million to $190 million), according to South Korea’s investment banking industry.
The ambient-temperature facility spans 95,475 square metres (1.03 million square feet) with two basement and eight above-ground levels, and is 98.7 percent occupied, with e-commerce giant Coupang leasing 76.5 percent of the space. The asset, completed in November 2023 near Seoul’s Pyeongchon and Buk Uiwang interchanges, is owned by project financing vehicle Corkrep Anyang. Read more>>
Chow Yun-fat Cuts Peak Mansion Price to $20.4M
Hong Kong actor Chow Yun-fat has cut the asking price of his Peak mansion to HK$160 million ($20.4 million), a cumulative reduction of HK$60 million, or 27 percent, since the property was first listed in October 2022.
The detached house at Sunshine Villa on Mount Kellett Road was initially listed for HK$220 million before being cut to HK$195 million at the end of 2024. The latest reduction brings the price to about HK$62,819 per square foot for the 2,547-square-foot property, which Chow bought for HK$128 million in September 2010 at a then-record HK$50,255 per square foot for the estate. Read more>>
CapitaLand India Trust Can Buy 33% of Sponsor’s Data Centres
Singapore-listed CapitaLand India Trust has the right to buy up to a third of future data centres its sponsor acquires in India, a top executive said after the trust handed over its first server farm to a hyperscaler tenant in Navi Mumbai.
CapitaLand Investment, which owns 23 percent of the trust, is separately hunting for transactions to grow its India data centre business, said chief executive Gauri Shankar Nagabhushanam. Any purchase in the sponsor’s assets would be funded from CLINT’s balance sheet, and the trust is developing three more data centres in Mumbai, Hyderabad and Chennai, due for handover in 2027 or 2028. Read more>>
Parkview Group Misses Interest Payment on $940M Loan on Beijing Property
Hong Kong developer Parkview Group has missed an interest payment on a $940 million loan backed by its landmark Parkview Green complex in Beijing, less than a year after securing the refinancing deal, people familiar with the matter said.
Parkview failed to make a RMB 50 million ($7.4 million) interest payment due in early June, although banks have yet to call a default despite having the right to do so, the people said. Taiwanese lender Bank of Panhsin rejected a proposal to bring in a private lender with repayment priority, saying it hopes Parkview will dispose of the Beijing asset rather than extend the loan. Read more>>
Fortis Buys Brisbane Apartment Site for $21.7M Amid Price Dip
Australian developer Fortis has purchased an inner Brisbane development site in Teneriffe for A$31.5 million ($21.7 million), its fifth site in Queensland, even as Brisbane unit prices fell for the first time in three years in the June quarter.
Patona Property’s Sam Byrne handled the off-market acquisition of the 2,386-square-metre (25,700-square-foot) site at 49 Doggett Street, where Fortis plans a luxury mixed-use residential block designed by Fraser & Partners. Dan Boman, Fortis’s general manager of development in Queensland, said its Crest & Walker project in Newstead had secured 18 unconditional sales worth nearly A$34.5 million, underscoring continued buyer demand. Read more>>
NAB Home Loan Applications Fall 15% as Housing Market Cools
Home loan applications to National Australia Bank fell 15 percent in the June quarter from the March quarter, in a sign the housing market has cooled after interest rate hikes and the government’s negative gearing and capital gains tax changes, the bank’s shareholder update showed.
Personal banking and ubank drove the decline, falling more sharply than the bank’s business and private banking division, which fell 9 percent. Separately, property data firm Cotality said the auction clearance rate was 49.7 percent last week, the eighth consecutive week below 50 percent, with total auction volumes down 17.3 percent year on year, led by a 24.2 percent drop in Melbourne. Read more>>
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