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Kerry wins Hong Kong site for HK$7B; fund plots €2B Asian RE expansion

* Kerry Properties Ltd. unit NMC 6 Ltd. won the tender for a private residential site in Kowloon, Hong Kong, at a premium of around HK$7.27 billion, according to the city's Lands Department. The site at Lung Cheung Road, Beacon Hill, has an area of about 21,849 square meters.

* German pension fund Bayerische Versorgungskammer plans to invest €1.9 billion in Asia-Pacific real estate by creating a fund that will focus on the region, IPE Real Estate reported.


* DEXUS Property Group is believed to be in pole position to acquire The Mill complex in Sydney, the AFR reported. Goldman Sachs placed the A$100 million property on the market in July. The buildings in the more than 80%-occupied complex have a net lettable area of 17,580 square meters.

* Abacus Property Group partnered with Hong Kong investment manager Gaw Capital for a joint venture vehicle that will target industrial properties in major Australian cities, IPE Real Estate reported. The venture is in due diligence for its second property in Sydney, following a A$30 million acquisition in Melbourne in September.

* Moody's said A-REITs have reduced risks of breaching covenants in case of major operational and financial troubles, as they have a significant amount of headroom under their gearing and interest cover covenants.


* New World Development Co. Ltd.'s NWD Finance (BVI) Ltd. plans to list US$1.20 billion of 5.75% guaranteed senior perpetual capital securities in Hong Kong. The company applied for the securities' listing, which is expected to be effective Oct. 6.

* Modern Land (China) Co. Ltd. and its subsidiaries recorded around 1.91 billion Chinese yuan of contracted sales in September, representing approximately 131,080 square meters of gross floor area.

* Fantasia Holdings Group Co. Ltd. released its sales results for September, which amounted to around 967 million yuan with a corresponding gross floor area of approximately 107,686 square meters.

* Joseph Lin, CBRE Taiwan managing director, believes Taiwan's commercial real estate market has a chance of rebounding in the fourth quarter, as property developers start to build inventories and feel pressured to divest idle funds, Taipei Times reported.


* CapitaLand Ltd. aims to have six malls in India by Dec. 31, 2019, by opening two malls over the next three years. Its serviced residence business unit, The Ascott Ltd., also secured a management contract with Sandhya Hotels Pte. Ltd. for three new serviced residences.

* Embassy Group plans to spend 6.50 billion Indian rupees for the development of a 560-room hotel at the Embassy Manyata Business Park in north Bangalore, Livemint reported. Hilton Worldwide Holdings Inc. will manage the hotel.


* OUE Ltd. clarified a Bloomberg News report about the company's interest in acquiring shares in Singaporean property and construction company United Engineers Ltd. It said there are no ongoing discussions about the matter, but the company has been approached regarding the share purchase.

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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. Articles and links are correct as of publication time.

Cam Nones contributed to this report.