Blackstone Sells $1.3B Stake in India REIT

Private equity giant Blackstone is selling a major stake in an Indian real estate trust. The firm is offering up to $1.25 billion in units of Knowledge Realty Trust, according to a filing. The offer period runs to August 31 for institutional investors and September 1 for retail buyers.

A base deal is valued at INR 79.9 billion ($837.4 million), with a floor price of INR 108 per unit. This represents a 4.7 percent discount to the trust's closing price last Friday. If fully exercised, the sale will slash Blackstone's ownership from 46.5 percent to as low as 21.5 percent. Partner Sattva Group would then become the top shareholder with a 32 percent stake.

ARA Korea Acquires Seoul-Area Hotel

In South Korea, ARA Korea Asset Management is buying a hotel from conglomerate Hanwha. The firm agreed to purchase the four-star Courtyard by Marriott Suwon for KRW 100 billion ($72.8 million), Yonhap Infomax reported. A final deal is expected to be signed soon, concluding a sale process Hanwha began this year.

ARA Korea established a new private fund to finance the acquisition. Reportedly, the proceeds will help fund a rights offering at affiliate Hanwha Solutions. The 288-room hotel is located in Suwon, a city in Gyeonggi province south of Seoul. It opened in January 2020 and has 24,033 square metres of floor space.

Singapore Auctions Seized Real Estate

Singapore will auction more than 80 properties seized in a major money-laundering case. Consulting firm Deloitte, which is managing the asset disposal, announced the sales will start next month. The auction will also include over 1,000 luxury accessories.

The property sales will occur in phases from September through mid-2027. The exact number of assets to be sold in each phase is still being finalised. People familiar with the matter told Bloomberg that Deloitte has approached multiple property brokers about handling the transactions.

Japan REIT Sells Logistics Facility

Nippon Prologis REIT has agreed to sell a logistics warehouse in Japan. The trust will sell Prologis Park Joso, a facility in Ibaraki prefecture northeast of Tokyo, for JPY 8.7 billion ($54.5 million). The identity of the buyer was not disclosed in the filing.

The sale will close in two equal tranches on October 1 and December 1. The REIT's manager stated the proceeds will support its capital allocation strategy, which targets 3 percent annual growth in distribution per unit. The REIT acquired the property in 2016 for JPY 7.1 billion.

Tokyo Rental Project Breaks Ground

A new rental apartment project has started construction in Tokyo. Marubeni Urban Development and Misawa Homes broke ground on a 49-unit building in the city's Sumida ward. This marks the first rental housing collaboration between the two developers, with completion scheduled for March 2028.

The seven-storey building will have 2,161 square metres of total floor space. It is located near Tokyo's Oshiage and Hikifune stations, within a 20-minute commute of the city centre.

This roundup is based on a source report from Mingtiandi.