* Cromwell Property Group's largest shareholder, South Africa-based Redefine Properties Ltd., is divesting a 19.5% stake in the Australian developer to Singapore-based ARA Asset Management Ltd. for roughly 3.73 billion South African rand, subject to Foreign Investment Review Board approval.
* Redefine Properties is also in advanced talks with a private Asian investment house regarding the sale of its 50% stake in the A$600 million Northpoint Tower in Sydney that it bought in late 2013 with Cromwell for A$278.7 million, The Australian reported.
* Separately, Cromwell agreed to sell a seven-story commercial tower in Brisbane, Australia, to the Queensland University of Technology for A$84 million. The agreement between the property's landlord and anchor tenant is expected to be completed April 6.
* Frasers Property Ltd.'s Frasers Property Holdings (Thailand) Co. Ltd. closed its planned issuance of debentures in three series under its 25.00 billion-Thai-baht program. It issued 2.00 billion baht in 2.19% debentures due 2021, 1.00 billion baht in 2.55% debentures due 2023 and 2.00 billion baht in 3.54% debentures due 2028.
Australia
* The Australian Competition and Consumer Commission approved AccorHotels' planned A$1.18 billion takeover of Mantra Group Ltd., The Australian reported.
To push through, AccorHotels and Mantra still need the go-ahead from their respective shareholders, as well as from other regulatory bodies.
* A partnership between Greenland Group and Golden Horse Group is considering converting units in one of the nine residential buildings in its A$1.6 billion Park Sydney development in the Sydney suburb of Erskineville into build-to-rent apartments, The Australian Financial Review reported. If pursued, approximately 200 housing units will be offered under the scheme.
* State-owned Queensland Investment Corp. is seeking the Brisbane City Council's approval for a A$430 million refurbishment plan for the western end of Brisbane's central business district, which includes the development of a new 39-level office tower and the construction of a new laneway that will connect three buildings in the area, the AFR reported.
* A consortium comprising Arrow Property Investments, Starwood and Pindan Capital completed its more than A$160 million acquisition of a development site in St Leonards, Sydney, from Australasian Property Investments Ltd. and Wingate, The Australian reported.
In May 2017, it was reported that Pindan Capital was initially going to independently buy the property.
* Hotel fund SB&G Hotel Group is buying two Watermark-branded hotels on the Gold Coast and in Queensland from Japanese travel company HIS Co. Ltd. under a deal worth north of A$100 million.
India and Pakistan
* Prestige Estates Projects Ltd.'s parent, Prestige Group, is looking to penetrate India's largest property markets by building a portfolio of mid-income housing projects.
Efforts serving the plan have commenced, with Prestige Group Chairman and Managing Director Irfan Razack telling local paper Mint that the Indian conglomerate is in talks for a project in Mumbai after having signed a 25-acre land deal for another project in Noida.
* In April, Ora Developers will commence work on its US$2 billion Eighteen Islamabad residential development in Pakistan's capital, which will span 2.25 million square meters and comprise more than 1,000 homes, a golf course and a mall upon completion.
Hong Kong and China
* Hong Kong's Lands Department awarded the respective tender to three petrol filling station sites in the special administrative region to Shell Hong Kong Ltd., ExxonMobil Hong Kong Ltd. and Sinopec (Hong Kong) Ltd. after they placed a collective bid of approximately HK$1.04 billion.
* In the first two months of 2018, Shui On Land Ltd. and Beijing Capital Land Ltd. both saw their contracted sales decrease year on year to an estimated total of 660 million yuan and 5.90 billion yuan, respectively.
* Moody's revised its outlook for Beijing Capital Land's Ba3 corporate family rating to stable from negative, after taking into consideration the sustained improvement in the company's gross profit margins.
* The government of Hubei, China, introduced new regulation to allow residents of subsidized housing to buy the flat when they have stayed there for more than five years, Caijing (Beijing) reported. The property can be transferred after five years of the purchase, and the government has preferred rights in buying back the property.
Singapore
* Moody's downgraded its rating on Singapore-based retail real estate investment trust Lippo Malls Indonesia Retail Trust to Ba1 from Baa3, with a negative outlook.
Japan
* Tokyo Tatemono Co. Ltd., Mitsui Fudosan Co. Ltd. and Mitsui Fudosan Residential Co. Ltd. will start construction for an urban redevelopment project at the site of a former apartment complex in Kitaaoyama in central Tokyo, the Nikkan Kogyo Shimbun reported.
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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, Emily Lai and Jaekwon Lim contributed to this report.
As of March 7, US$1 was equivalent to 6.32 yuan, 11.89 South African rand and 31.34 Thai baht.
