Hongkong Land targets US$1b in Tokyo mixed-use deals as Jardine pivot continues

Hongkong Land is in talks to enter Japan's property market with deals exceeding US$1 billion for mixed-use complexes in prime Tokyo locations, as part of parent Jardine Matheson's pivot towards becoming an investment firm. The developer has struggled to find suitable properties or partners amid Japa

Hongkong Land is in talks to enter Japan’s property market with deals exceeding US$1 billion for mixed-use complexes in prime Tokyo locations, according to people familiar with the matter. The push is part of parent Jardine Matheson’s pivot towards becoming an investment firm, the people said. Hongkong Land has struggled to find a suitable property or partner amid Japan’s challenging investment cycle, the people said.

In other Asia Pacific headlines, Malaysia’s IOI Properties Group has exercised its call option to acquire Asia Square Tower 2, a Marina Bay office tower, from CapitaLand Integrated Commercial Trust for S$2.5 billion (US$2 billion), according to a Singapore Exchange filing. The deal was announced in April as part of a swap in which the trust acquired the freehold Paragon mall on Orchard Road for S$3.9 billion. Completion of the Asia Square 2 sale is expected in mid-September 2026, the filing said.

Australia’s Dexus is seeking a A$300 million (US$215 million) equity injection from investors for its near-complete Atlassian Central tower in Sydney, CEO Ross Du Vernet said. Dexus holds a 65 per cent stake in the 39-storey tower alongside NASDAQ-listed Atlassian, which holds the remaining 35 per cent, with the space leased to Atlassian for 15 years at fixed 4 per cent increases, the company said. The raise is part of a plan to release more than A$2 billion.

India’s National Investment and Infrastructure Fund (NIIF) has raised US$2 billion in the first close of its second infrastructure fund, more than 60 per cent of its US$3.2 billion target, the company said. Global backers include AustralianSuper, the Canada Pension Plan Investment Board, the Abu Dhabi Investment Authority, the Ontario Teachers’ Pension Plan and Singapore’s Temasek, alongside Indian lenders ICICI Bank, HDFC Bank and Axis Bank. The fund targets energy, transport and digital infrastructure and follows NIIF’s first fund, which raised US$2.3 billion.

Kuwait’s Wren House Infrastructure Management is nearing a deal to acquire GIC’s 80 per cent stake in a European data centre joint venture for €700 million (US$811.8 million), according to people familiar with the matter. The venture, formed with Equinix in 2019 under the xScale brand, operates facilities across Europe, with Equinix retaining 20 per cent, the people said. The news comes as GIC sells its stake in an Equinix Tokyo data centre venture in a deal valued at US$1.2 billion.

Canada’s La Caisse has invested INR 121 billion (US$1.3 billion) to acquire a 24 per cent stake in Altius Telecom Infrastructure Trust, India’s largest telecom tower platform, alongside Brookfield, the companies said. Altius owns and operates more than 258,000 telecom towers and sites across India, providing infrastructure for 4G and 5G services. Brookfield remains Altius’s largest investor alongside shareholders affiliated with GIC and the British Columbia Investment Management Corporation.

TPG-backed Asia OneHealthcare has confidentially filed for an initial public offering in Kuala Lumpur that could raise up to MYR 10 billion (US$2.5 billion), according to people familiar with the matter. The Malaysian healthcare provider submitted a draft registration to the Securities Commission Malaysia last week. An offering of that size would be Malaysia’s largest since FGV Holdings’ MYR 10.4 billion listing in 2012.

Japan’s Pacifica Hotels and subsidiary Furano Hospitality have signed a franchise agreement with Marriott International to open the Westin Hokkaido Furano Resort, the first Westin Resort in Japan, the companies said. The 195-room property, under construction since August 2026, is scheduled to open in 2029 near Kitanomine Gondola Station in the Hokkaido resort town of Furano. The deal marks Pacifica’s entry into upper-upscale hotels, CEO Seth Sulkin said.