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Invesco eyes stake in A$800M Brookfield project; ESR's Japanese fund gets ¥70B

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Invesco eyes stake in A$800M Brookfield project; ESR's Japanese fund gets ¥70B

* Invesco Ltd. commenced due diligence for the potential acquisition of Brookfield Asset Management Inc.'s 50% stake in the future headquarters of Chevron Australia Pty. Ltd. in Perth, Australia, The Australian Financial Review reported. Aside from the U.S. funds giant, the A$800 million office development at 1 The Esplanade in Elizabeth Quay also attracted AMP Capital, Singaporean sovereign wealth fund GIC Pte. Ltd. and Ara Asset Management Ltd.

* ESR Pte. Ltd.'s ESR Japan Logistics Fund 3 closed with investment commitments totaling ¥70 billion from two unnamed partners. According to a news release, the investors will have an option to boost their commitment to the fund to as much as ¥530 billion. The fund will focus on the development of large-scale, state-of-the-art logistics facilities in Japan's metropolitan areas.

Australia

* Blackstone Group LP is looking to sell the Brimbank Shopping Centre in Melbourne for more than A$170 million. The 37,576-square-meter mall that is marketed with the help of CBRE Group Inc. is one of the 11 retail properties that the private equity giant put on sale in 2017 as part of a portfolio offering.

* LendLease Group's Australian Prime Property Fund Commercial is selling the office and carpark property at 80 Flinders St. in Adelaide for approximately A$115 million, the AFR reported. The 12,154-square-meter office is home to tenants including BAE Systems, IAG and Beach Energy, while Wilson Australia is leasing the 694-space carpark.

* JLL expects the victory of the Liberal-led Coalition government in the recent federal election in Australia will improve investor sentiment in the country's property market. Leigh Warner, head of residential research at JLL-Australia, said the outcome of the election will provide greater certainty for the industry, particularly to the housing sector.

Hong Kong and China

* Beijing Capital Land Ltd.'s Beijing Zhongzhi Dingfu Property Development Ltd. subsidiary earmarked nearly 1.41 billion yuan for its plan to acquire the owner of a 68,113.9-square-meter residential land parcel in Kunshan City, China. The developer noted that the purchase of Kunshan Guangsheng Real Estate Development and Management Co. Ltd. will be financed using its internal resources.

* Cofco Real Estate Investment (Beijing) Co. Ltd. is looking to divest its entire 50% stake in a joint venture set up with Dalian Wanda Group Co. Ltd. in Beijing in 2009. The joint venture has a registered capital of 800 million yuan and recorded a loss of 12.6 million yuan in the first quarter of 2019.

* Shenzhen Investment Ltd.'s contracted sales in April decreased 34.1% on an annual basis to about 565 million yuan, reflecting contracted sales area of approximately 34,383 square meters. The Hong Kong-listed property company's aggregate contracted sales for the first four months of 2019 amounted to about 2.01 billion yuan, down 18.8% compared with the figure reported in the prior-year period.

* New World Development Co. Ltd.'s NWD (MTN) Ltd. filed an application with the Hong Kong stock exchange for the listing of its HK$450.0 million issuance of 3.80% guaranteed notes due 2029. Listing of the notes being offered under the issuer's US$4.00 billion medium-term note program is expected May 21.

* Hong Kong's Buildings Department has approved the reconstruction plan of the Union Church site on Kennedy Road into a 17-story residential building, Hong Kong Economic Times reported. The redevelopment may be carried out by partnering with Henderson Land Development Co. Ltd. The property will provide 48,000 square feet of residential floor area and 36,000 square feet for facilities, which include a clubhouse, a church and a nursery.

Philippines

* Filinvest Development Corp.'s Filinvest Hospitality Corp. subsidiary will invest more than US$200 million for the development of an integrated casino resort in New Clark City in Pampanga, The Philippine Star reported. The development will comprise a casino, a lifestyle mall, a five-star hotel and an event facility.

Japan

* Nomura Real Estate Master Fund Inc. resolved to borrow ¥11.10 billion to repay outstanding loans of the same amount that will mature May 27. The property fund will procure the amount from Mitsui Sumitomo Insurance Co. Ltd., Sumitomo Mitsui Trust Bank Ltd., Mizuho Trust & Banking Co. Ltd., Mizuho Bank Ltd., Development Bank of Japan Inc., MUFG Bank Ltd. and Sumitomo Mitsui Banking Corp.

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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 and Emily Lai contributed to this report.