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SoftBank eyes US$40B Indonesia project; Temasek mulls WeWork China stake

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SoftBank eyes US$40B Indonesia project; Temasek mulls WeWork China stake

* Indonesia's Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan said SoftBank Group Corp. offered to invest between US$30 billion and US$40 billion to develop the country's new capital city, The Jakarta Post reported. The potential capital will be intended for the roughly 466 trillion rupiah construction of a new smart city that will feature educational institutions, botanical gardens, modern hospitals and an environmentally friendly transport system.

* Singapore-based Temasek Holdings (Pte.) Ltd. and Shanghai-headquartered TrustBridge Partners are in the early stage of negotiations to acquire a majority stake in WeWork China. A potential deal would value WeWork Cos. Inc.'s Chinese arm and subsidiary at approximately US$1 billion.

Greater China

* Shimao Property Holdings Ltd. is selling 158 million shares at HK$29.58 apiece to Gemfair Investments Ltd., which is expected to net HK$4.64 billion. Completion of the share placement is expected on Jan. 22 or any other date agreed by Gemfair Investments and the placing agents, subject to various conditions.

* Central China Real Estate Ltd. agreed to buy a 10% stake in Henan Central China Fuju Investment Co. Ltd. from Guangzhou R&F Properties Co. Ltd. for 1 billion yuan. The China-incorporated Henan Central oversees urban renovation projects of Wulongkou and Huayuankou, according to a filing.

* China Merchants Land Ltd.'s Nanjing Zhaoping Lisheng Investment Co. Ltd. subsidiary secured the tender to a 19,717-square-meter commercial development site in Xi'an, China, after offering to pay 160.2 million yuan. The site is part of the Xi'an International Trade & Logistics Park and has a building area capacity of up to 88,727 square meters.


* Elite Commercial REIT Management filed a preliminary listing prospectus of the U.K.-focused Elite Commercial REIT to the Singapore stock exchange, The (Singapore) Business Times reported. The property company, which will be the first British pound-denominated real estate investment trust to list in the city-state, is said to be aiming to raise roughly £150 million from what could be the first listing on the bourse in 2020.


* Hong Kong-based Affinity Equity Partners is believed to be working with an adviser on a potential divestment of up to US$1 billion of Malaysian medical hospital operator Island Hospital Sdn. Bhd. Discussions for the transaction are still at an early stage and the private equity firm may still cancel the sale.


* Nippon Prologis REIT Inc. agreed to purchase on Feb. 5 three class-A properties in Japan from Prologis Inc. for ¥59.3 billion. The targeted properties have a net rentable area of 249,339 square meters and were offered to the Japanese industrial-focused REIT through its sponsor support agreement with the vendor.


* Y22 Project Financing Investment named NH Investment & Securities Co. Ltd. as the preferred bidder for the 162,217-square-meter Tower 2 in Seoul's Parc 1 complex after it offered to pay about 1 trillion won, Mingtiandi reported, citing sources familiar with the project. NH Investment intends to use most of the 53-story tower for its own offices upon the development's expected completion in the third quarter.


* By the end of 2020, Brisbane-based developer Geon Property will commence work on the first stage of its A$750 million Albion Exchange project in the city's inner north after obtaining approval for a two-tower mixed-use complex, The Australian Financial Review reported. To secure the go-ahead for the 6,000-square-meter development, Geon Property had to lower the maximum height of the planned building to 81.5 meters from 108.4 meters and reduce the number of apartments in the project to 253 from 333.

* Harvard University's endowment fund sold cotton and almond farms spanning 19,877 hectares in the agricultural region of Riverina in New South Wales to Hancock Agricultural Investment Group for more than A$120 million, the AFR reported. The single-operated Wyadra and Cowl Cowl properties include more than 10,000 hectares of irrigated land, 47 kilometers of river frontage and water entitlements.

Other real estate news

* Beijing-based co-living platform Phoenix Tree Holdings Ltd. raised US$129.6 million from its initial offering on the New York Stock Exchange of 9.6 million American depositary shares at US$13.5 apiece, KrAsia reported. Ant Financial, Tiger Global LP, Joy Capital and an unnamed strategic investor are among the subscribers to the company's IPO, the news platform added.

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