AirTrunk delays S$1.4B Singapore data centre REIT IPO amid market volatility

Blackstone-backed AirTrunk has delayed a planned Singapore REIT listing that could have raised more than US$1 billion (S$1.4 billion), citing market volatility and uncertainty over US interest rates. The offering could come to market in the first or second quarter of 2027, according to a Wall Street

Blackstone-backed hyperscale data centre operator AirTrunk has delayed a planned Singapore listing that could have raised more than US$1 billion (S$1.4 billion) amid market volatility and uncertainty over US interest rates, according to a Wall Street Journal report citing people familiar with the matter.

The REIT offering is facing challenges linked to market volatility and rising US interest rates and could come to market in the first or second quarter of 2027, depending on conditions, the report said.

In other Asia Pacific real estate news, PGIM and its Australian partner Assembly Funds Management have agreed to sell Coburns Central, a neighbourhood shopping centre in Melton West on the western outskirts of Melbourne, to a fund managed by ASX-listed HMC Capital for A$49 million (US$34.3 million). The Woolworths-anchored centre, with 6,845 square metres (73,700 square feet) of lettable area, traded at a 5.5 per cent initial yield. PGIM and Assembly acquired the property in September 2025 alongside the adjacent Woodgrove Shopping Centre.

Hongkong Land is in talks with Singapore tycoon Ong Beng Seng’s Hotel Properties to acquire a majority stake in three adjacent buildings in Singapore’s Orchard Road shopping belt, according to a Bloomberg report citing people familiar with the matter. The three properties are the voco Orchard hotel, the Forum shopping mall and HPL House, with HPL having previously won approval for redevelopment of the three adjoining plots into a single project combining hotel, retail, office and residential components.

Singapore-listed Parkway Life REIT has agreed to buy three nursing homes in and around Marseille, France, from operator DomusVi for €38.8 million (US$43.5 million) in a sale and leaseback deal. DomusVi will continue to operate the freehold properties under new 12-year leases. The manager expects the fully debt-funded deal to complete by December, lifting the REIT's leverage to about 35.3 per cent from 33.8 per cent.

Japan's NTT Data Group is in the final stages of talks to build a data centre in Osaka for US AI company Anthropic, with construction costs of up to JPY 1 trillion (US$6.3 billion), Reuters reported, citing Japan's Nikkei. The facility would be Anthropic's first dedicated data centre in Japan, with up to 500 megawatts of power capacity, and would start to come online from as early as 2028, with the companies aiming to sign an agreement by March 2027.

Japan's Sankei Real Estate has completed the sale of the Fukuoka Green Building, an office property in the Sawara ward of Fukuoka, for JPY 5.5 billion (US$34.7 million), the J-REIT said. The buyer was not disclosed. The REIT had first announced the planned disposal of the 26,518.63 square metre (285,444 square foot) property in late September.

In Singapore, owners of City Plaza have entered a 10-week private treaty period after a collective sale tender for the freehold complex at S$970 million (US$757.9 million) closed without formal bids, marketing agent Huttons Asia said. The tender marked the complex's third collective sale attempt. The 13,146 square metre (141,500 square feet) site on Geylang Road, near Paya Lebar metro station, is currently zoned for commercial use, but can be redeveloped for residential-led mixed use, subject to approvals.

Hongkong Land is in talks with Singapore tycoon Ong Beng Seng's Hotel Properties to acquire a majority stake in three adjacent buildings in Singapore's Orchard Road shopping belt, according to a Bloomberg report citing people familiar with the matter. The three properties are the voco Orchard hotel, the Forum shopping mall and HPL House, with HPL having previously won approval for redevelopment of the three adjoining plots into a single project combining hotel, retail, office and residential components.

Singapore-listed Parkway Life REIT has agreed to buy three nursing homes in and around Marseille from operator DomusVi for €38.8 million (S$56.9 million) in a sale and leaseback deal. DomusVi will continue to operate the freehold properties under new 12-year leases, with the fully debt-funded deal expected to complete by December, lifting the REIT's leverage to about 35.3 per cent from 33.8 per cent.

Japan's NTT Data Group is in final-stage talks to build a data centre in Osaka for US AI company Anthropic, with construction costs of up to JPY 1 trillion (US$6.3 billion), Reuters reported, citing Nikkei. The facility would be Anthropic's first dedicated data centre in Japan, with up to 500 megawatts of power capacity, and could start to come online from as early as 2028.

Japan's Sankei Real Estate has completed the sale of the Fukuoka Green Building, an office property in the Sawara ward of Fukuoka, for JPY 5.5 billion (US$34.7 million), the J-REIT said. The buyer was not disclosed; the REIT first announced the planned disposal of the 26,518.63 square metre (285,444 square foot) property in late September.

Owners of Singapore's City Plaza have entered a 10-week private treaty period after a collective sale tender for the freehold complex at S$970 million closed without formal bids, marketing agent Huttons Asia said. The tender marked the complex's third collective sale attempt. The 13,146 square metre (141,500 square feet) site on Geylang Road, near Paya Lebar metro station, is currently zoned for commercial use, but can be redeveloped for residential-led mixed use, subject to approvals.

Hongkong Land is in talks with Singapore tycoon Ong Beng Seng's Hotel Properties to acquire a majority stake in three adjacent buildings in Singapore's Orchard Road shopping belt, according to a Bloomberg report citing people familiar with the matter. The three properties are the voco Orchard hotel, the Forum shopping mall and HPL House, with HPL having previously won approval for redevelopment of the three adjoining plots into a single project combining hotel, retail, office and residential components.