John Pattar, head of KKR’s real estate business in Asia Pacific

Rental residential leads today’s Asia Pacific headlines as US giant KKR and Weave negotiate for the sale of a Seoul apartment portfolio. Also in the news are Australia’s IFM Investors offering a Sydney site for a $1.1 billion data centre and Singapore-based 8M Real Estate eyeing a $393 million portfolio of 50 conservation shophouses.

KKR, Weave Said Courting Buyers of Seoul Apartment Buildings

Weave Living is said to be marketing a portfolio of Seoul rental housing assets backed by US fund management giant KKR on a building-by-building basis, after an effort to move the 376-unit portfolio as a package failed to result in a quick sale, according to an account in local news site ChosunBiz.

The portfolio is reported to include Weave Suites Seonyu Parkside, Weave Place Hoegi and Weave Place Gangnam Station, with a pair of bidders said to have emerged for at least two of the properties. Read more>>

IFM Offers Macquarie Park Site for $1B Data Centre

Australian fund manager IFM is offering a Macquarie Park site in Sydney capable of supporting a A$1.5 billion ($1.1 billion) data centre. The 2.9 hectare (7.1 acre) site carries a power pathway of up to 120MVA.

The site is being marketed by JLL via an expression of interest campaign. IFM, which gained the site through its ISPT merger, previously sold a western Sydney data centre site to AirTrunk for A$780 million. Read more>>

8M Real Estate Eyes $393M Singapore Shophouse Portfolio

Singapore-based 8M Real Estate is in talks to acquire about 50 conservation shophouses in the Tanjong Pagar Conservation Area for S$500 million ($393.4 million).

The portfolio is largely held by Hillington International, a British Virgin Islands-registered company linked to Arcc Holdings, led by investor Tony Chen. EY-Parthenon is running the sale process, sources told the Business Times. Read more>>

IFM Teams With BlackRock’s GIP to Bid for $22B Stack Portfolio

Australia’s IFM Investors and BlackRock-owned Global Infrastructure Partners are joining forces to bid for Blue Owl’s A$30 billion ($21.5 billion) Asia Pacific data centre portfolio, Stack Infrastructure.

The pair will compete against Macquarie Asset Management, advised by Goldman Sachs and UBS, and groups including Brookfield. The portfolio is indivisible on a regional basis, meaning bidders must take the Asia Pacific assets as a whole, sources said. Read more>>

Fraxtor Co-Invests in Greater Osaka Logistics Project With UIB REIT

Singapore-based fractional real estate platform Fraxtor has closed fundraising for a co-investment in UIB Konan Phase 3, a logistics development in Greater Osaka, the company said.

The deal marks Fraxtor’s first joint venture with a listed REIT, alongside SGX-listed UI Boustead REIT. The project comprises two facilities totalling 48,139 square metres (518,164 square feet) in Shiga prefecture’s Konan City. Read more>>

Japan Hotel REIT Raises Full-Year Net Income Forecast to $327M

Japan Hotel REIT raised its full-year net income forecast by JPY 222 million to JPY 52.1 billion ($327 million), citing an increase in variable rents from stronger hotel performance, the trust’s manager said in its midterm financial report.

Midterm operating revenue rose 5.1 percent year-on-year to JPY 22.6 billion, with net income of JPY 11.8 billion. The REIT also raised its full-year dividend forecast to JPY 5,811 per unit, up 4.1 percent from its previous guidance. Read more>>

Peter Woo Family Office to Sell $1B in PE Stakes

The family office of Hong Kong real estate tycoon Peter Woo is looking to sell private equity fund stakes worth $1 billion, according to people familiar with the matter.

The stakes potentially being sold include holdings in China-focused managers such as HSG (formerly Sequoia Capital China) and Vista Equity Partners, the people said, adding that the list of funds isn’t fixed. Read more>>

GLP J-REIT Selling Aichi Logistics Property for $65M

GLP J-REIT is selling GLP Tokai, a logistics facility in Tokai, a city in Japan’s Aichi prefecture, for JPY 10.4 billion ($65.3 million), the trust’s manager said.

The price exceeds the property’s JPY 5.8 billion book value, with delivery set for 31 August. The sale is expected to generate a JPY 4.4 billion gain, to be distributed to unitholders; the buyer was undisclosed. Read more>>

Ingenia Completes $713M Acquisition of Developer Peet

Australian retirement living company Ingenia completed its A$992 million ($712.6 million) acquisition of developer Peet, paying 68 Australian cents cash plus 0.3367 Ingenia securities per Peet share.

Ingenia shares fell more than 6 percent on the news, while Peet shares rose more than 11 percent. JP Morgan analysts said the deal dilutes net tangible assets and shifts earnings towards development risk. Read more>>

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