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GIC pours US$130M into Korean property fund; GPT Metro still undecided on bids

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GIC pours US$130M into Korean property fund; GPT Metro still undecided on bids

* Singaporean wealth fund GIC invested US$130million in a property fund that owns the 126,708-square-meter Hyundai LogisticsDistribution Center in Incheon. GIC said that LogisKoel, the developer, has a 15-yearlease with Hyundai Logistics for the property.

* Despite receiving takeover from Growthpoint Properties Australia and Centuria Metropolitan REIT, the responsible entity of will not recommendany offer "at this time," according to a filing. It also commissionedGrant Samuel & Associates Pty. Ltd. for the preparation of an independent expert'sreport.

* said itsecured a A$398 million U.S. private placement debt, with funding expected to bedelivered in August, subject to standard investor due diligence and documentation.

* The U.K.'s decision to exit theEuropean Union could affect MitsuiFudosan Co. Ltd.'s long-term development plan in Europe but it willhave a minimal effect on the company's credit profile, according to .

AUSTRALIA

* Scentre Group is looking for a joint venture partner forthe David Jones building in Sydney that it plans to acquire for A$370 million, The Australian Financial Review reported.The company recently entered into duediligence for the property transaction.

* Aqualand is believed to be keenon purchasing the Samsung Building in Milsons Point, Sydney, which is for sale foraround A$140 million, The Australian reported.The Chinese-backed companyis part of a consortiumthat is poised to win the development rights for the A$2 billion Central Barangarooproject.

* Chinese company YMCI's YMCI HomebushCity Garden project in Sydney is expected to generate 3,500 apartments across a19-hectare site, the AFR reported.

* The construction of apartmentbuildings in Sydney's central business district could decrease due to a proposalfrom the local government to require all new buildings that are at least 55 meterstall to have at least 50% of the total space allocated for commercial use, the AFR reported.

HONG KONG AND CHINA

* China Overseas Land & Investment Ltd., its subsidiaries,joint ventures and associates recorded approximately HK$23.12 billion of contractedsales in June, up from around HK$22.33billion a year ago. The company said it did not acquire any land parcelsin the previous month.

* China Vanke Co. Ltd. saidthat Shenzhen Jushenghua Co. Ltd. pledged 37,357,300 non-restricted tradable in the company to ChinaGalaxy Securities Co. Ltd. As of July 12, Shenzhen Jushenghua directly owned an 8.39%stake in China Vanke, or 926,070,472 shares.

* Longfor Properties Co. Ltd. pricedthe third tranche of its11.8 billion-Chinese-yuan bonds. The tranche amounting to an initial principal amountof 2.0 billion yuan and an overallotment option of not more than 1.7 billion yuanwill have a coupon rate of 3.06% for the five-year bonds and 3.68% for the seven-yearbonds.

* Hong Kong's Lands Departmentawardedthe tender for a residential site in Tai Po, New Territories, to 's Best Wisdom DevelopmentLtd. for a winning bid of HK$1.62 billion. The property has a site area of about10,646 square meters.

* A Yanlord Land Group Ltd. unit acquired a 30% stake in a projectcompany that owns an approximately 295,000-square-meter, 4 billion-yuan prime residentialsite in Suzhou City, China.

The agreementwas made with a subsidiary of China Ping An Insurance Group.

* Shimao Property Holdings Ltd. and its subsidiaries postedaround 10.10 billion yuan of contracted sales in June, representing a contractedsold area of 690,387 square meters, according to a filing.

SINGAPORE

* It has emerged that the that will be added tothe seed portfolio of Chinese developer Greenland Group and Amare Investment ManagementGroup's planned S-REIT are the 172-room Primus Hotel in Sydney and the Hotel Indigoin Los Angeles, The Australian reported,citing Amare Investment CEO Alvin Cheng.

* CapitaLand Commercial Trust said that its shareholders approvedthe company's proposed acquisition of the remaining interest that it does not ownin the CapitaGreen building, a deal that is valuedat around S$393.0 million.

* SRX Property's flash-estimatesdata showed that rental volumes for private nonlanded residences in June rose 2%month over month to 4,256 units, up 7.9% year over year, The (Singapore) Business Timesreported.

INDIA

* The Securities Appellate Tribunalwill hold a hearing for the last time on Sept. 13 regarding DLF Ltd.'s appeal on a penalty worth 860.0 million Indianrupees imposed by the Securities and Exchange Board of India, the Press Trust ofIndia reported.The penalty referred to allegations of fraudulent transactions during DLF's IPOin 2007.

* Local investmentbank Ambit Holdings Pvt. Ltd. and U.S.-based Portman Holdings LLC are believed tobe planning a joint real estate fund that will have more than US$500 million ofcapital from third parties, DealStreetAsia reported,citing two unnamed sources familiar with the deal.

SOUTHEAST ASIA

* The Philippines'Securities and Exchange Commission began to study the possibility of amending theReal Estate Investment Trust Act, with a proposal expected to be released withinthree months, The Philippine Star reported,citing SEC Chairwoman Teresita Herbosa.

* CEO and President Datuk KhorChap Jen believes that the Bank Negara Malaysia's reduction of the overnight policyrate will allow property buyers to pay lower monthly repayments for their home loans,New Straits Times reported.

Now featured

: Through the first half, SNL-coveredAsia-Pacific real estate companies have favored senior debt issuances, with thecapital raised totaling approximately US$29.08 billion — about 50% more than theamount raised through senior debt in the prior year-to-date period.

:Viva Energy REIT's targeted A$911 million raising from an IPO in Australia and anupdate on China Logistics Property Holdings' planned Hong Kong IPO made news duringthe week.

The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.