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WeWork India ropes in Goldman Sachs; Simon says invest in Thailand

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week.

Into real estate

* Major cross-sector deals were reported this week with an Alibaba Group Holding Ltd. affiliate leading the headlines with a US$1.53 billion budget for a new logistics center in Hong Kong. The logistics hub at the special administrative region's airport will have an estimated gross floor area of 380,000 square meters.

* Tech giant Google Inc. acquired the properties at 6 Darling Island Road and 34-38 Pirrama Road in Sydney for north of A$150 million. The sites are leased to television network Channel Seven and were sold by Chinese-backed developer Aqualand.

* JLL Spark Global Venture Fund was recently established by a Jones Lang LaSalle Inc. division, with a goal of investing up to US$100 million in investors who seek to integrate technology into real estate projects.

* South Korean private equity investor Mirae Asset Global Investments Co. Ltd. is launching a US$100 million alternative investment fund for residential debt in India. The Mirae Asset Credit Opportunities fund secured the approval of India's Securities and Exchange Board.

Property money

* WeWork Cos. is believed to be nearing US$200 million in commitments for its business In India. Goldman Sachs Group Inc., Warburg Pincus & Co. and GIC Pvt. Ltd. are reported to be some of the investors in talks for the funding round that would boost WeWork India's valuation to US$1 billion.

* Ascendas-Singbridge Pte. Ltd., another company that sees potential in India, has earmarked 20 billion rupees for logistics and industrial real estate projects in the country. Under the program, the Singaporean real estate company expects to amass a portfolio with up to 15 million square feet of Indian logistics properties.

* Blackstone Group LP's plan to sell its 50% holding in Westpac Place in Sydney to Charter Hall Group was derailed, after building co-owner Mirvac Group decided to exercise its pre-emptive right to buy the stake. Mirvac is selling the half-stake instead to ISPT Pty. Ltd., the superannuation fund that was reported to have dropped out of the race for the property before April.

* Through an off-market transaction, QIC Global Real Estate bagged 50% stakes in each of the Pacific Werribee and Pacific Epping malls in Melbourne for A$1 billion. Pacific Group of Cos. sold the interest, and the deal is expected to be one of the largest retail property transactions in Australia this year.

* Chinese conglomerate HNA Group Co. Ltd. sold an office-retail complex in Minneapolis for US$320 million and its 25.2% interest in Spanish hotelier NH Hotel Group SA for €619 million to Bangkok-based hospitality company Minor International PCL.

Combining resources

* The world's biggest retail real estate investment trust by market cap, Simon Property Group Inc., is partnering a local developer in Thailand for three outlet developments. The team-up with Siam Piwat Co. Ltd. is the American mall giant's first in the Southeast Asian country, and will entail a 10 billion-baht investment budget.

* Unibail-Rodamco SE's Westfield Corp. takeover became effective June 7, with the combined entity's stapled shares and chess depositary interests having begun trading in Paris, Amsterdam and Australia this week as well.

* Chinese diversified developer Renhe Commercial Holdings Co. Ltd. is proposing to buy two local companies: a property-focused investment holding company for 5.4 billion yuan and a produce markets operator/landowner for HK$1.47 billion.

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Celestyn Wong contributed to this report.

As of June 7, US$1 was equivalent to 6.39 yuan, 67.36 rupees and 31.99 baht.