trending Market Intelligence /marketintelligence/en/news-insights/trending/5Koy7v7Ox2yEQW6HIXAYJg2 content esgSubNav
In This List

Blackstone, GIC vie for Indian mall; Frasers Centrepoint, unit in £175M UK buy


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blackstone, GIC vie for Indian mall; Frasers Centrepoint, unit in £175M UK buy

* Blackstone Group LP, GIC Pte. Ltd. and Xander Group are reportedly holding separate negotiations with Lodha Developers Pte. Ltd. in a bid to purchase the XPeria Mall in the Indian city of Palava, which is tipped to fetch between 6.00 billion Indian rupees and 7.00 billion rupees.

* Frasers Centrepoint Ltd. is teaming up with Frasers Commercial Trust to buy the 46.5-acre Farnborough Business Park property in the U.K. for £174.6 million from HEREF Farnborough Holdco Ltd. The two will each own a 50% stake in the 46.5-acre property, comprising 14 commercial buildings across a total net lettable area of about 555,000 square feet.


* Three Millennium & Copthorne Hotels Plc minority investors have banded together to call for the rejection of City Developments Ltd.'s final £6.20 per-share bid for the former.

In a letter addressed to the target, International Value Advisers LLC, MSD Partners LP and its affiliates, and Classic Fund Management AG argued that City Developments' "unattractive offer significantly undervalues" Millennium & Copthorne.

* UE Centennial Venture Pte. Ltd. announced that subject to certain conditions, it will make a voluntary unconditional S$2.07 per-share offer for all the issued ordinary stock units that it does not already own in the capital of WBL Corp. Ltd., a fellow United Engineers Ltd. subsidiary.

United Engineers was recently acquired by a consortium comprising Yanlord Land Group Ltd., Perennial Real Estate Holdings Ltd. and Heng Yue Holdings Ltd.

* Oxley Holdings Ltd. subsidiary Oxley Spinel Pte. Ltd. won the public bidding for the collective sale of the Vista Park condominium after placing a bid of S$418.0 million, higher compared to the 209-unit property's S$350 million price tag.

Hong Kong and China

* An estimated 5.3% stake, or 46.7 million shares, in Shandong Tyan Home Co. Ltd., held by the company's controlling shareholder, have been frozen by a court for three years beginning Dec. 12, Reuters reported, citing a Chinese filing.

* Inc., in partnership with China Overseas Land & Investment Ltd., is planning to open hundreds of unmanned convenience stores across China.

* A consortium involving CCCG Real Estate Corp. Ltd. won the auction for a 2.1 billion-yuan site, Reuters reported. The company also agreed to sell a 29% stake in a property subsidiary for 810.2 million yuan, according to a separate Reuters report.

* KWG Property Holding Ltd.'s presales surged 100.7% year over year in November to nearly 3.85 billion yuan, representing presales area of about 176,000 square meters.

* Country Garden Holdings Co. Ltd. won a bid for its first land parcel in Hefei city of Anhui province for 1.36 billion yuan, Xinhua News Agency reported. The 109,900-square-meter residential land broke the per-unit price record in the city.

* Hong Kong-listed Jiayuan International Group agreed to buy a 5,597-square-meter site in Taipa in Macau for a record-breaking HK$3.51 billion, Hong Kong Economic Journal reported. The land takes up 5% of the total land supply in Macau and is near the bridges that connect with Zhuhai and Hengqin in China.

* S&P Global Ratings revised its outlook for both Beijing Capital Group Co. Ltd. and its Beijing Capital Land Ltd. subsidiary. At the same time, the rating agency affirmed its ratings on the parent and subsidiary pair.

* Fitch Ratings affirmed the long-term foreign-currency issuer default and foreign-currency senior unsecured ratings for Poly Real Estate Group Co. Ltd. at BBB+.

* In the first 11 months of 2017, investments in China's real estate sector increased 7.5% year over year to 10.04 trillion yuan, London's Financial Times reported, citing figures from the National Bureau of Statistics. According to the publication, the figure marks the lowest investment growth in the sector since December 2016.


* Charter Hall Group's head of office development, Andrew Borger, believes that there are more opportunities in partnerships with nonprofit and religious organizations.

The Australian reported that Borger made the comment after construction works began at the site of Charter Hall Prime Office Fund's A$600 million Wesley Place project at 130 Lonsdale St., which is a partnership with the Uniting Church.

* Westfield Corp.'s retail technology platform, OneMarket, is establishing partnerships with Facebook Inc., Google Inc. and Apple Inc. in a bid to better compete with Inc., OneMarket CEO Don Kingsborough told The Australian Financial Review.

OneMarket, formerly known as Westfield Retail Solutions, is proposed to be separately listed on the ASX, ahead of the completion of Unibail-Rodamco SE's proposed US$15.68 billion merger with Westfield.

* Crown Resorts Ltd. is planning to divest for A$62.5 million its stake in a portion of the property and operations at Ellerston in the Hunter Valley region in New South Wales, with settlement expected by the end of January 2018.

The company also announced that it agreed to sell two floors of the Crown Sydney Residences at the Crown Sydney Hotel Resort to billionaire James Packer for A$60 million.

* Cromwell Property Group is paying A$50 million for the 8,712-square-meter Wakefield Private Hospital and Clinic in Adelaide, in a deal that reflects an anticipated initial yield of 16.4%.

* Meanwhile, Moody's withdrew its Baa3 issuer rating on Cromwell Property in light of the company's announcement in September that it will consolidate its ratings from the agency as part of its capital management strategy.

* The sale of a 50% stake in the Indooroopilly Shopping Centre for more than A$800 million to AMP Capital Shopping Centre Fund and AMP Capital Diversified Property Fund was the largest single-asset retail transaction ever recorded in Australia, according to JLL.

The transaction, along with the roughly A$500 million sale of Canada Pension Plan Investment Board and Future Fund's 50% stake in the Rockingham Shopping Centre in Perth, helped increase the total retail investment in the market to A$1.1 billion.


* SM Prime Holdings Inc. is gearing up for the Dec. 15 launch of its 25,000-square-meter SM Center Lemery mall in the province of Batangas.


* Kenedix Office Investment Corp. signed a ¥9.50 billion deal for the acquisition of a fully leased, midsized office building from an unidentified vendor. The property is in the Kannai area of Yokohama and offers more than 10,000 square meters of gross leasable area.

* According to Real Estate Economic Institute Co. Ltd., new apartment sales in Tokyo and three surrounding prefectures increased 24.6% year over year to 3,366 units in November, The Mainichi Shimbun reported. The average sales price rose 7.6% year over year to ¥55.51 million in November.

* Sumitomo Forestry Co. Ltd. will invest about ¥10 billion by March 2022 in its new business of buying pre-owned apartments and old houses and turning them into lodging properties, The Nikkei reported. Sumitomo Forestry is teaming up with Sendai-based lodging property brokerage and management firm Hyakusenrenma Inc. in its new business venture.

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.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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

As of Dec. 14, US$1 was equivalent to 6.61 yuan, 64.23 Indian rupees, ¥112.64 and S$1.35.