Horizon Industrial Parks’ Chakan V in Pune (Image: Horizon Industrial Parks)
IPO fundraising leads today’s Asia Pacific headlines as India’s Horizon Industrial Parks raises $122.4 million from anchors ahead of a $272.5 million IPO. Also in the news are US-based OpenAI eyeing office space at Singapore’s Shaw Tower and China’s Ping An Real Estate weighing a $600 million Sydney tower sale.
Horizon Industrial Parks Raises $122M Ahead of $272M IPO
Blackstone-backed Horizon Industrial Parks has raised INR 11.7 billion ($122.4 million) from 54 anchor investors ahead of a INR 26 billion initial public offering, the company said. Anchor investors included Morgan Stanley, Carmignac and Millennium Management.
The industrial developer 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. Other anchor participants included Societe Generale, Citigroup Global and Viridian Asset Management, according to the announcement. Read more>>
OpenAI Eyes Five Floors in Singapore’s Shaw Tower
OpenAI is in talks to lease 100,000 square feet (9,290 square metres) across five floors at the newly completed Shaw Tower on Singapore’s Beach Road, according to the Business Times. The ChatGPT creator currently occupies roughly 100 desks at flexible operator The Work Project’s CapitaSpring facility.
The move would follow OpenAI’s May pledge of a S$300 million ($235 million) investment in Singapore, including its first Applied AI Lab outside the US. Rivals Anthropic, Mistral AI and Sierra have also been expanding office footprints across the city state. Read more>>
Ping An Weighs $600M Sale of Sydney Salesforce 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 ($1.2 billion), according to The Australian. Local fund manager Investa is circling the stake, while co-owner OUE REIT is weighing its pre-emptive rights.
OUE REIT bought an initial 19.9 percent interest in the tower for A$357.2 million in early 2026. JLL and Colliers are advising Ping An on the disposal, with a decision on OUE REIT’s pre-emptive rights expected by October. Read more>>
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 ($106.5 million), according to The Australian. Cousins Anthony El-Hazouri and Charbel Hazzouri, who founded Revelop in 2008, plan to overhaul the 21.6 hectare (54 acre) site while retaining its market character.
The market building spans 20,960 square metres (225,611 square feet) 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. Read more>>
GPT Management Holdings Fees Rise 32% Despite Profit Drop
GPT Management Holdings’ property management fees rose 32 percent to A$39.4 million ($28 million) in the half year to the end of June, as the company internalised or acquired new assets under management, the company said. 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. Read more>>
OUE Swings to $90M Loss on GPI Impairment
Singapore-listed OUE Ltd swung to an attributable loss of S$114.6 million ($89.7 million) for the six months to the end of June from a S$35.6 million profit a year earlier, according to the company’s interim results. 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. Read more>>
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 ($30.6 million) for the first half of 2026, reversing a S$11.4 million profit a year earlier, the company said. 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. Read more>>
Growthpoint Australia Swings to $64M Profit
Growthpoint Properties Australia posted statutory net profit after tax of A$90.1 million ($64 million) for the year to the end of June, reversing a A$124.6 million loss a year earlier, the company said. 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 (872,300 square feet). 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. Read more>>
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