GIC chief executive Lim Chow Kiat
Singapore’s GIC leads today’s headlines with plans to sell $1 billion in private equity fund stakes, tapping the secondaries market. Also in the news are CapitaLand Ascendas REIT posting an 8.6 percent rise in distributable income to $280 million and Macquarie seeking a $500 million partner for Oxford Properties’ Sydney and Melbourne build-to-rent towers.
GIC Weighs $1B Sale of Private Equity Fund Interests
After last month reporting its lowest five-year annualised return in more than a decade, Singapore’s GIC is seeking to sell private equity fund stakes with a net asset value of about $1 billion, according to people familiar with the matter, as it seeks to free up capital for fresh investments.
The potential divestment covers interests in funds managed by EQT, TPG and KKR, with PJT Partners advising GIC on the process. The sale is at an early stage, with prospective buyers approached last month to gauge demand. Read more>>
CapitaLand Ascendas REIT Distributable Income Rises 8.6% to $281M
Singapore’s CapitaLand Ascendas REIT reported an 8.6 percent year-on-year rise in distributable income to S$359.4 million ($280.6 million) for the six months to the end of June, the trust said. Gross revenue grew 6.7 percent to S$805.5 million, driven by acquisitions across Singapore, Europe, the US and Japan.
Distribution per unit held steady at 7.482 Singapore cents, as a S$900 million equity fund raising lowered gearing to 39.7 percent, CEO William Tay said. The trust plans two more Singapore acquisitions in the second half of 2026. Read more>>
Macquarie Seeks $352M Partner for Oxford Properties’ Sydney, Melbourne BTR Towers
Macquarie Capital is working to find a capital partner to provide A$500 million ($352.3 million) for two Oxford Properties build-to-rent towers in Melbourne and Sydney, according to The Australian. The Footscray asset, still under development, has been excluded from the mandate.
Canadian pension fund OMERS controls Oxford, which entered the Australian market in 2018 by buying Investa Office Fund for A$3.4 billion. Australian pension funds Aware Super and AustralianSuper are among the investors flagged as likely suitors, the report said. Read more>>
Mirvac Moves Sydney Mall Stake Into New Mercer-Backed Vehicle
Australia’s Mirvac has shifted a stake in Sydney’s East Village shopping centre in Zetland into a new investment vehicle backed by Mercer, according to The Australian. The developer is pushing deeper into funds management, seeking more retail assets with external investor backing.
Mirvac had flagged folding East Village into a fund last year during its bid to replace Lendlease in running the Australian Prime Property Funds, which did not proceed. Mirvac is also expanding its A$7 billion ($5 billion) office fund, the report said. Read more>>
Centurion Accommodation REIT Beats Q1 Forecast with $29M NPI
Centurion Accommodation REIT posted first-quarter net property income of S$37.5 million ($29.3 million), beating its IPO prospectus forecast by 2.4 percent, the manager said. Gross revenue rose to S$52.5 million, up 2.7 percent, on higher occupancy and a stronger British pound and Australian dollar.
The Singapore-listed trust attributed part of the gain to its entry into Sydney student housing via the A$345 million ($243.1 million) acquisition of Epiisod Macquarie Park, lifting portfolio value 16.5 percent to S$2.19 billion. A two-year master lease will add A$14.1 million in fiscal 2026 rental income. Read more>>
Mindspace REIT Posts 27.8% NOI Growth to $83M in Q1
India’s Mindspace Business Parks REIT posted net operating income of INR 7.9 billion ($82.8 million) for the quarter to the end of June, up 27.8 percent year-on-year, the company said. Distribution per unit rose 15.2 percent to INR 6.67, the highest since listing.
Committed occupancy reached 95.8 percent as the trust launched two new office buildings and two hotels spanning 1.7 million square feet (157,900 square metres), expanding its portfolio to 46.2 million square feet. Mindspace also completed acquisitions of Commerzone Pallikaranai and One Radial in Chennai. Read more>>
Keppel Sells 40% Stake in Vietnam Project for $270M
Singapore’s Keppel has agreed to sell its entire 40 percent stake in Vietnam’s Empire City waterfront project for $270 million, the company said. The deal lifts Keppel’s 2026 monetisation total to S$2.1 billion ($1.6 billion), surpassing its $2 billion to $3 billion annual target.
Keppel will divest the stake in Empire City, located in Ho Chi Minh City’s Thu Thiem New Area, to Denver Power Vietnam and Golden Axis Company. Head of monetisation Lee Kok Chew said Keppel aims to unlock value from a $13.7 billion non-core portfolio by end-2030. Read more>>
ESR Exceeds $2B Refinancing Target as Lenders Oversubscribe
Singapore-based ESR is upsizing its sustainability-linked refinancing facility beyond an initial $2 billion target after strong demand from a global lender syndicate, the company said. ESR also repaid $1.1 billion of net debt in 2025 as part of its deleveraging strategy.
The five-year facility, fully underwritten by a core group of banks including HSBC, Mizuho, UOB, Maybank and OCBC, consolidates several existing loans into a single multi-currency structure. Chief financial officer Matthew Lawson said the oversubscription reflects lender confidence in ESR’s growth strategy in logistics and data centres. Read more>>
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