Blackstone-backed Horizon Industrial Parks opens flat after $271M IPO
Horizon Industrial Parks, India’s largest industrial and logistics infrastructure developer, made a muted debut on Dalal Street with shares opening at a 0.4% premium after its INR 26 billion ($271.4 million) IPO. Proceeds will be used to repay borrowings.
Blackstone-backed Horizon Industrial Parks made a muted debut on the Indian stock market on Monday, with shares opening at a 0.4 per cent premium on the National Stock Exchange following a INR 26 billion ($271.4 million) initial public offering.
The company, India’s largest industrial and logistics infrastructure developer by network area, holds a portfolio of 45 assets across 10 hubs with 93.6 per cent committed occupancy. It plans to use the IPO proceeds to repay borrowings.
In other Asia-Pacific real estate news, KKR-sponsored Japan Metropolitan Fund (JMF) is investing JPY 8.8 billion ($55 million) in a vehicle backed by land beneath 17 Seiyu stores in a proprietary CRE carve-out, the trust’s manager said. The land parcels, leased back to Seiyu under a rent structure blending fixed and percentage rent, let JMF capture upside from store sales growth, the manager said. The deal builds on JMF’s ties with Trial Holdings, which took over Seiyu from KKR in 2025, with the interests set to transfer on 30 November.
Tokyo-listed hotel developer Kasumigaseki Capital said its US subsidiary has acquired a hotel site in Las Vegas and launched a development project targeting a spring 2030 opening, though the company did not disclose the purchase price or seller. The 21,895 square metre (235,676 square foot) site sits about 2 kilometres (1.2 miles) from the Las Vegas Strip, near the airport and convention centre. The project marks Kasumigaseki’s second overseas hotel venture after a planned Miami development, with construction slated to begin in 2028.
Japan Excellent, a Tokyo-listed REIT, plans to sell three properties for a combined JPY 15.6 billion ($98 million) as part of a portfolio recycling strategy, the trust’s manager said in a filing on 21 August. The largest sale, Daiba Garden City Building in Tokyo, goes to an undisclosed special purpose company for JPY 10.7 billion. Kajima Corporation is buying the Sapporo Otemachi Building for JPY 4.8 billion, while Saitama City is acquiring Japan Excellent’s Urawa SH Building land parcel for a road project.
Singapore-headquartered DayOne Data Centers is seeking a HK$1.86 billion ($237.3 million) loan to fund a Hong Kong data centre, according to people familiar with the matter, ahead of a planned US initial public offering. The five-year facility is being arranged with a consortium of Asian banks including DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank, the people said. The loan adds to a recent borrowing spree by DayOne as it prepares for its US listing.
Hong Kong developer Kerry Properties said it will keep targeting residential land sales and consider recycling capital from existing assets, betting on tighter housing supply after contracted sales reached HK$5.6 billion ($710.6 million) in the first half. Mainland China contracted sales plunged 88 per cent to HK$1.3 billion in the same period, the company said, citing slower sales in second- and third-tier cities. Kerry nonetheless paid RMB 2.7 billion ($401.7 million) last month for a commercial site in Shanghai’s Pudong district.
Alibaba Group’s two top executives bought HK$120 million ($15.3 million) worth of company shares in Hong Kong on Monday, following a stock slump triggered by a capital raise tied to AI spending, according to the company’s disclosure filings. Chairman Joseph Tsai purchased HK$81 million in shares, while CEO Eddie Wu acquired a stake worth HK$39 million, the filings showed. Combined, the two executives own less than 2 per cent of the e-commerce giant.
Melbourne developer V-Leader has lodged plans for a 32-level, 405-room student accommodation tower on a Lonsdale Street site it acquired in 2022 for A$50 million ($35.8 million), according to an application filed with the Department of Transport and Planning. The site, which includes the heritage-listed Continental Hotel, was bought from former owner Longriver, which acquired it in 2019 for A$49.2 million. V-Leader is also seeking approval for a 39-level build-to-rent tower at a nearby Lonsdale Street site.
