Asia Pacific Real Estate Headlines: Horizon Industrial Parks Raises $122M Pre-IPO

The Asia Pacific real estate market is witnessing significant developments, with several major players making notable moves.

### Horizon Industrial Parks Raises $122M Ahead of $272M IPO

Blackstone-backed Horizon Industrial Parks has secured $122.4 million from anchor investors ahead of a $272.5 million initial public offering. The company allocated 194.6 million equity shares to anchors at INR 60 per share, the top of a INR 57-60 price band set on 14 August. Anchor investors included Morgan Stanley, Carmignac, and Millennium Management.

The industrial developer's IPO is expected to be a significant milestone in the Asia Pacific real estate market. The company's ability to raise funds from anchor investors is a testament to its strong fundamentals and growth potential.

### OpenAI Eyes Office Space in Singapore's Shaw Tower

OpenAI is in talks to lease 100,000 square feet across five floors at the newly completed Shaw Tower on Singapore's Beach Road. The move would follow OpenAI's May pledge of a S$300 million investment in Singapore, including its first Applied AI Lab outside the US. Rivals Anthropic, Mistral AI, and Sierra have also been expanding their office footprints across the city state.

The leasing of office space in Singapore's Shaw Tower is a significant development in the city-state's real estate market. The tower's prime location and modern amenities make it an attractive option for tech companies like OpenAI.

### Ping An Weighs Sale of Sydney Tower Stake

China's Ping An Real Estate is in talks to sell its 50 percent stake in Sydney's Salesforce Tower in a deal valuing the tower at A$1.7 billion. Local fund manager Investa is circling the stake, while co-owner OUE REIT is weighing its pre-emptive rights. JLL and Colliers are advising Ping An on the disposal, with a decision on OUE REIT's pre-emptive rights expected by October.

The potential sale of Ping An's stake in the Salesforce Tower is a significant development in the Australian real estate market. The tower's prime location and strong fundamentals make it an attractive option for investors.

### Revelop Buys Sydney's Parklea Markets for $107M

Sydney developer Revelop has exchanged contracts to buy Parklea Markets in western Sydney for close to A$150 million. Cousins Anthony El-Hazouri and Charbel Hazzouri, who founded Revelop in 2008, plan to overhaul the 21.6 hectare site while retaining its market character.

The market building spans 20,960 square metres and includes surrounding land parcels with rezoning potential for housing. Parklea Markets previously sold for more than A$80 million in 2016 to the now-collapsed Dyldam Developments.

### GPT Management Holdings Fees Rise 32% Despite Profit Drop

GPT Management Holdings' property management fees rose 32 percent to A$39.4 million in the half year to the end of June, as the company internalised or acquired new assets under management. Net profit fell 68 percent to A$14.1 million on the absence of prior-year inventory sales.

The entity maintained an interest cover ratio of 4.0 times against a covenant of 2.0 times, with gearing at 32 percent versus a 50 percent covenant ceiling. In a subsequent event, it exchanged contracts on 31 July to buy 32 Bessemer Street in Blacktown from General Property Trust for A$43.5 million.

### OUE Swings to $90M Loss on GPI Impairment

Singapore-listed OUE Ltd swung to an attributable loss of S$114.6 million for the six months to the end of June from a S$35.6 million profit a year earlier. Group revenue rose 5.3 percent to S$308.3 million.

The swing followed a S$47 million impairment on OUE's investment in China-focused associate GPI and the absence of a S$94.9 million one-off gain booked a year earlier.

### Hotel Properties Posts $31M Net Loss in First Half

Singapore's Hotel Properties Ltd fell into the red with a net loss of S$39.1 million for the first half of 2026, reversing a S$11.4 million profit a year earlier. Revenue slipped 1.9 percent to S$371.1 million.

HPL said the Middle East conflict disrupted air travel and drove up airfares, weighing on hotel demand, while higher fuel prices pushed up utility and transport costs. The prior-year period had also included a S$27.3 million fair-value gain on Concorde Shopping Mall shop units that did not recur.

### Growthpoint Australia Swings to $64M Profit

Growthpoint Properties Australia posted statutory net profit after tax of A$90.1 million for the year to the end of June, reversing a A$124.6 million loss a year earlier. Funds from operations rose 0.9 percent to A$177.6 million, at the upper end of guidance.

Direct portfolio occupancy climbed to 96 percent from 94 percent, with record office leasing of 81,022 square metres. Gearing rose to 41.6 percent from 39.7 percent, while the trust guided to FY27 funds from operations of 22.6 to 23.5 cents per security.