Real estate · Industry brief

Antwerp Court of Appeal (3 February 2026, 2024/AR/808) confirmed that a partial demerger followed by share sale of the demerged real estate company does not constitute tax abuse per se under Belgian law, provided the transaction is supported by genuine economic motives. The court rejected tax authorities' arguments that such structures artificially convert taxable asset deals into tax-exempt share deals, finding instead that when properly structured with legitimate business justifications—such as group-wide reorganisation, reinvestment of proceeds, and preservation of third-party contracts—partial demergers remain a valid tool for real estate transactions. This reaffirms that under the Companies and Associations Code (Book 12), partial demergers segregating real estate assets into dedicated entities can qualify for tax-neutral treatment and avoid proportional registration duties (12-12.5% on direct asset sales) compared to direct asset transfers, though taxpayers should demonstrate absence of predominantly tax-driven motives through documented economic reasons.

Q2 2026 Thailand M&A activity declined sharply, with deal volume falling 29.8% to 40 transactions and disclosed deal value dropping 73.8% to USD 2.1 billion, primarily due to the absence of large-cap transactions from the prior quarter. Real Estate, Infrastructure & Construction led sector activity with 8 transactions worth USD 759 million (37.0% of total deal value), including TCC Group Investments' USD 536 million portfolio optimization of hospitality assets with Frasers Property and Hitachi Global Life Solutions' USD 263 million acquisition of Arçelik's stake in its Thailand appliance business. Thailand's economic outlook improved during Q2 2026, with the Bank of Thailand raising its 2026 GDP growth forecast to 2.3% from 1.5%, driven by stronger electronics exports and government stimulus, though the central bank maintained the policy rate at 1.0% and noted uneven sectoral expansion. Global trade policy uncertainty, particularly regarding potential U.S. tariff increases, remains a key headwind for future M&A activity.

Based on the website content provided, here are the relevant real estate industry updates: Manova Partners acquired Spartanburg 221, a 1,020,195-square-foot Class A+ logistics facility in Spartanburg, South Carolina, completed in 2024 and fully leased on a long-term NNN basis to a single tenant with an AA corporate credit guarantee. Realty Income Corporation and KKR formed a euro-denominated joint venture expected to own a diversified portfolio of existing European net lease real estate assets across four markets. Ares Management reached final close of Japan Logistics Development Partners V LP at approximately US$4 billion, nearly 50% larger than its predecessor fund. ExchangeRight fully subscribed Essential Income 9 DST, a $52.85 million net-lease real estate offering structured entirely with investor equity and no property-level debt, owning three properties totaling 205,857 square feet. Origin Investments closed its Select Asset Fund after adding Arca II, a 255-unit multifamily development in Las Vegas, with the fund having less than $10 million remaining capacity for accredited-investor commitments.