Key Takeaways
- • CapitaLand-backed Indian logistics developer Ascendas Firstspace, a joint venture between CapitaLand's Ascendas unit and Firstspace Realty, is considering an IPO that could raise $500 million, according to people familiar with the matter.
- • Frasers Logistics and Commercial Trust grew distributable income before divestment gains 10 percent to S$216.4 million ($169 million) for the year to 30 September, while total distribution per unit slipped 0.8 percent to 5.90 Singapore cents.
- • Stockland lodged plans for a A$2.25 billion ($1.6 billion), 170-megawatt data centre at its Wetherill Park warehouse in western Sydney, with construction slated from April 2028 to January 2031.
- • Far East Orchard's nine-month profit fell mainly due to the absence of S$24.9 million ($19.5 million) in one-off gains booked a year earlier.
- • Iren reported AI cloud revenue of $200 million for the quarter to 30 September, nearly tripling quarter on quarter, though it posted a $263 million net loss.
Summary
Indian logistics developer Ascendas Firstspace is considering an initial public offering that could raise $500 million, according to people familiar with the matter. The joint venture between Singapore-based CapitaLand's Ascendas unit and Indian developer Firstspace Realty has held preliminary talks with investment banks, and advisors are expected to be appointed soon. The company is also consolidating its corporate structure ahead of any listing, as it seeks to tap India's strong equity markets.
Singapore-listed Frasers Logistics and Commercial Trust (FLCT) grew distributable income before divestment gains by 10 percent to S$216.4 million ($169 million) in the year to 30 September, the REIT's manager said. Total distribution per unit slipped 0.8 percent to 5.90 Singapore cents. During the year, FLCT completed €337.9 million ($378.6 million) in logistics acquisitions in Germany and the Netherlands, lifting logistics and industrial assets to 78.1 percent of its S$7.2 billion portfolio.
Far East Orchard reported a nine-month profit decline, mainly due to the absence of S$24.9 million ($19.5 million) in one-off gains booked a year earlier, while UK student housing lettings slipped to about 86 percent. The group raised its stake in the managers of Far East Hospitality Trust to 75 percent from 33 percent, and its UK student housing development fund has fully deployed capital across three projects totalling 956 beds.
Australia's Stockland has lodged plans with the New South Wales planning department for a A$2.25 billion ($1.6 billion), 170-megawatt data centre at a warehouse it has owned since 2003 in Wetherill Park. The site is one of three Stockland projects in the state's data centre fast-track process, and Stockland holds a 50:50 data centre partnership with US-based EdgeConneX.
Elsewhere, Iren said its AI cloud revenue nearly tripled quarter on quarter to $200 million in the three months to 30 September, lifting total revenue 66 percent to $228 million, though the NASDAQ-listed firm posted a $263 million net loss. Its revenue backlog rose 22 percent to $20.3 billion, and its more than $4 billion annualised revenue target has moved to January 2027 from year-end.
Singapore-listed Frasers Logistics and Commercial Trust (FLCT) grew distributable income before divestment gains by 10 percent to S$216.4 million ($169 million) in the year to 30 September, the REIT's manager said. Total distribution per unit slipped 0.8 percent to 5.90 Singapore cents. During the year, FLCT completed €337.9 million ($378.6 million) in logistics acquisitions in Germany and the Netherlands, lifting logistics and industrial assets to 78.1 percent of its S$7.2 billion portfolio.
Far East Orchard reported a nine-month profit decline, mainly due to the absence of S$24.9 million ($19.5 million) in one-off gains booked a year earlier, while UK student housing lettings slipped to about 86 percent. The group raised its stake in the managers of Far East Hospitality Trust to 75 percent from 33 percent, and its UK student housing development fund has fully deployed capital across three projects totalling 956 beds.
Australia's Stockland has lodged plans with the New South Wales planning department for a A$2.25 billion ($1.6 billion), 170-megawatt data centre at a warehouse it has owned since 2003 in Wetherill Park. The site is one of three Stockland projects in the state's data centre fast-track process, and Stockland holds a 50:50 data centre partnership with US-based EdgeConneX.
Elsewhere, Iren said its AI cloud revenue nearly tripled quarter on quarter to $200 million in the three months to 30 September, lifting total revenue 66 percent to $228 million, though the NASDAQ-listed firm posted a $263 million net loss. Its revenue backlog rose 22 percent to $20.3 billion, and its more than $4 billion annualised revenue target has moved to January 2027 from year-end.
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