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Scentre FFO grows 4.25% YOY in FY'17; Australian Greens objects to Apple store

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Scentre FFO grows 4.25% YOY in FY'17; Australian Greens objects to Apple store

* Scentre Group's funds from operations in the year ended Dec. 31, 2017, grew, as expected, 4.25% year over year to A$1.29 billion, or 24.29 Australian cents per security. During the year, the Australia-listed developer saw its attributable profit reach nearly A$4.22 billion and its distribution lifted by 2% to 21.73 cents per security.

* The Victorian chapter of the Australian Greens will challenge in the Victorian Parliament a planning scheme revision that paved the way for Apple Inc. to propose the development of its global flagship store in Melbourne's Federation Square. According to The Australian Financial Review, the political party is trying to persuade the state government to find a new location for the two-story store, in a bid to preserve a premier civic and cultural space in the city.

Australia

* Franco-Dutch retail giant Unibail-Rodamco SE is standing firm on its US$15.68 billion bid for listed shopping center landlord Westfield Corp., reiterating that it will not amend the terms of the offer as it is "full and fair" and supported by its supervisory board, as well as by the target's directors and founder.

* Stockland decided to suspend its distribution reinvestment plan after discovering that security holders may be disadvantaged if the scheme will proceed. The diversified developer detailed the A$4.03 per-security distribution, which was below the group's net tangible asset value of A$4.18 per security as of Dec. 31, 2017.

* Financial property information provider CoreLogic observed decreases in the value of completed transactions in the capital cities of Sydney, Melbourne and Brisbane in January. The AFR reported CoreLogic Head of Research Tim Lawless as attributing the respective year-over-year fall of 8.4%, 11.7% and 9.6% in the cities to tighter credit conditions and higher transaction costs.

Japan

* Industrial & Infrastructure Fund Investment Corp. announced plans to purchase 10 Japanese properties for a combined estimated consideration of ¥21.36 billion. The industrial real estate investment trust said it will use a mix of loans, cash reserves and proceeds from a proposed issuance of 109,800 investment units to fund the planned acquisition.

* A syndicate of banks agreed to provide Nomura Real Estate Master Fund with a ¥30 billion credit loan facility, with validity commencing March 1 through Feb. 28, 2019.

* Separately, Nomura Real Estate said it entering into agreements for loans totaling ¥7.92 billion. The diversified REIT said it will use the amount to repay its ¥2.50 billion loan due Feb. 26 and its outstanding ¥5.42 billion debt that will expire Feb. 27.

Singapore

* Parkway Life MTN Pte. Ltd., an affiliate of Parkway Life Real Estate Investment Trust, priced its issuance of ¥3.5 billion in six-year senior unsecured notes due 2024 at an annual fixed-rate interest of 0.65%. Issuance of the notes, which will be drawn from Parkway Life MTN's S$500 million multicurrency debt program, is expected to be completed Feb. 26, according to a news release.

* Keppel REIT subsidiary Keppel REIT Fin. Co. Pte. Ltd. secured a S$350.0 million term loan facility.

* RHT Health Trust could be obligated to immediately repay S$237.8 million of external borrowings after events of default were again breached in connection with the trust's S$55 million loan from United Overseas Bank Ltd. and Siemens Bank GmbH Singapore Branch. In a filing, RHT Health's trustee-manager said that it is in discussions with lenders and advisers regarding the matter.

Hong Kong and China

* Diversified property developer Sino Land Co. Ltd. will be offering a total of 2,650 flats from its various development projects in Hong Kong during the Year of the Dog, The (Hong Kong) Standard reported, citing the company's associate director of sales, Victor Tin Siu-yuen.

India

* One of the things Donald Trump Jr. will do during his one-week visit to India is promote the sale of units at the latest Trump Tower in Gurugram, India's Mint reported. The report mentions advertisements commissioned by local partners of the Trump family, which claims that potential buyers and investors of the development will have a chance to "have dinner" with the eldest son of U.S. President Donald Trump.

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. Articles and links are correct as of publication time.

Cam Nones contributed to this report.

As of Feb. 20, US$1 was equivalent to ¥107.30 and S$1.32.