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Mapletree nears €240M Dublin office deal; Central China sells project stake

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Mapletree nears €240M Dublin office deal; Central China sells project stake

* Mapletree Investments Pte. Ltd. is close to signing a €240 million agreement with Marlet Property Group Ltd. for the acquisition of a seven-story office block in Dublin, The Irish Times reported. The 18,766-square-meter development is part of Marlet Property's Sorting Office project, which will also feature 56 apartments.

* Central China Real Estate Ltd., through its Henan Longyu Real Estate Development Co. Ltd. and Henan Central China Construction Materials Commerce and Trading Co. Ltd. units, is selling a 30% stake in Zhengzhou Jianze Property Co. Ltd. to Bridge Trust Co. Ltd. for a total consideration of 815.0 million yuan. Zhengzhou Jianze will oversee the development of a roughly 40,000-square-meter integrated project in Zhengzhou, China.

Hong Kong and China

* Gemdale Corp. bought a 104,433-square-meter commercial and residential land in Changchun in China's Jilin Province for 1.43 billion yuan, breaking the record for the most expensive land in the city, Guandian reported. Country Garden Holdings Co. Ltd. also acquired a 52,459-square-meter residential land in the city for 388 million yuan.

* Shimao Property Holdings Ltd. added a 78,310-square-meter land parcel in Zhejiang, China, to its land bank, paying 1.48 billion yuan with a premium of 21.8%, Guandian reported. The land is zoned for commercial and residential uses.

* A joint venture between C&D International Investment Group Ltd.'s Fujian Zhaohe Property Co. Ltd. subsidiary and Zhangzhou Juhong Investment Co. Ltd. secured the tender for an approximately 123,275-square-meter mixed-use land parcel in Zhangzhou, China, after offering to pay 596.0 million yuan. The parties are slated to sign contracts with the Zhangpu County Bureau of Natural Resources before June 10 to formalize the transfer of the rights to the property.

* The conversion price for a Country Garden subsidiary's issuance of HK$7.83 billion guaranteed bonds due 2023 will be adjusted to HK$12.20 per share from HK$12.584 per share because of the developer's payment of a 30.32 fen-per-share final dividend for the 2018 financial year. Shareholders on record as of May 24 are expected to receive the dividend on or around July 10.

* Emperor International Holdings Ltd. applied with Hong Kong's Town Planning Board to combine two industrial sites in Tuen Mun for the development of a 22-story modern industrial building providing 228,000 square meters of gross floor area. The proposal also includes the application to relax the plot ratios of the sites from 9.5x to 11.4x.

* The Real Estate Developers Association of Hong Kong will implement new guidelines concerning the sale of residential properties in the city, the South China Morning Post reported. Under the new rules that will take effect no later than June 1, developers can now sell via tender flats with three or more bedrooms with a salable area of between 753 square feet and 1,076 square feet, as well as "special units" measuring less than 1,076 square feet.

* Hong Kong's government is expected to continue rolling out measures aimed at curbing home prices in the city, SCMP reported, citing JPMorgan. The American investment banking giant, which said the rules will be relatively ineffective, also predicted an increase of another 5% in house prices in the city for 2019.

Australia

* GPT Group is buying five logistics properties in Sydney for an aggregate consideration of A$212 million under deals that are anticipated to be settled early July. The targeted properties, according to a company announcement, have a total lettable area of 88,200 square meters and a combined weighted average lease expiry of 8.6 years.

Singapore

* Eagle Hospitality Trust disclosed in a news release that it raised US$565.8 million from its completed IPO of 580,558,000 stapled securities on the Singapore stock exchange. The recently-listed hospitality trust backed by investors including DBS Bank Ltd. and Gold Pot Developments Ltd. debuted on the bourse May 24, considered the largest IPO in the city-state for 2019 so far.

* Wing Tai Holdings Ltd. completed its issuance of S$150.0 million in 4.48% senior perpetual capital securities May 24, with the securities expected to commence trading on the Singapore bourse May 27.

Japan

* Japan Post Co. Ltd.'s Japan Post Real Estate Co. Ltd. unit will build a 20-story mixed-use building at the former site of Hiroshima Higashi Post Office in Minami-ku, Hiroshima by 2022.

* Trading house Kowa Co. Ltd. will build a three-story complex specializing in dining outlets at the former site of the Maruei department store in Sakae, Nagoya, by late 2020, Tokyo's The Nikkei reported. Maruei closed shop in June 2018, and demolition at the site is underway.

* Japan Prime Realty Investment Corp. renewed its agreements with Aozora Bank Ltd., Mizuho Trust & Banking Co. Ltd. and Resona Bank Ltd. for commitment lines totaling ¥12.00 billion ahead of the debts' May 31 maturity. The renewed credit lines form part of the Japanese property company's loan facilities totaling ¥24.00 billion.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.