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Kenedix allows buyer switch in ¥5.98B deal; CNQC signs HK$200M purchase contract

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Kenedix allows buyer switch in ¥5.98B deal; CNQC signs HK$200M purchase contract

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Japan

* Kenedix Retail REIT Corp. permitted the substitution of the buyer in its ¥5.98 billion deal for the disposal of the roughly 24,768-square-meter Solala Plaza retail property in Miyagi to GK KRF80 from GK KRF74.

* Daiwa Office Investment Corp. bought the Sasazuka South Building office property in Tokyo for ¥3.00 billion from two unnamed domestic special-purpose companies. The purchased eight-floor asset has a gross floor area of approximately 5,400.7 square meters, according to a news release.

* Japan Retail Fund Investment Corp. decided to buy the G-Bldg. Jingumae 08 property in Tokyo's Shibuya-ku special ward for ¥2.49 billion from an unnamed domestic corporation. The real estate investment trust is expecting the acquisition to be completed Dec. 21.

Separately, Japan Retail Fund is also acquiring the Round1 Stadium Kawasaki Daishi in Kanagawa from an undisclosed domestic seller for ¥2.37 billion. The Japanese company is planning to use cash on hand to close the deal Dec. 25.

* Industrial & Infrastructure Fund Investment Corp. resolved to purchase the IIF Tsukuba Manufacturing Center in the Ryugasaki-shi city of Ibaraki prefecture from IDEC Corp. for ¥900.0 million, with the transaction slated to close Jan. 11, 2019. The targeted property has an appraisal value of ¥1.32 billion and occupies a 17,721.03-square-meter site.

Hong Kong

* CNQC International Holdings Ltd.'s Shiny Royal Development Ltd. subsidiary is buying the eighth floor of the Enterprise Square III building at No. 39 Wang Chiu Rd. in Kowloon, as well as four car parking units on the second floor of the same tower for a total consideration of HK$200.0 million from Rich Time Properties Ltd.

The formal agreement for the transaction is expected to be signed on or before Jan. 3, 2019, according to a filing.

Singapore

* Goodland Group Ltd.'s Goodland Citrine Pte. Ltd. subsidiary exercised an option to buy two industrial properties with an aggregate land area spanning approximately 1,415.3 square meters for a total consideration of nearly S$18.9 million, excluding goods and services tax.

The land plots at 31 Kim Chuan Drive and 33 Kim Chuan Drive are located within the republic's Tai Seng Industrial Estate and have a maximum permissible gross plot ratio of 2.5.

New Zealand

* Investore Property Ltd. agreed to sell the Countdown Supermarket site at 323 Anderson Bay Rd. in Dunedin for about NZ$19.3 million. The divestment, which reflects an initial yield of 6.26% and a 5.6% premium over the retail asset's NZ$18.3 million valuation as of March 31, is expected to be completed April 1, 2019.

Australia

* Villa World Ltd. said it received A$5.5 million from Wolfdene's 960 Blueways Pty. Ltd. partnership with Blueways Group in relation to the A$100 million transfer of the 200-hectare site at 960 Donnybrook Rd. in Melbourne, which was agreed upon between the parties in January.

Additional coverage

Vicinity Centres sells Melbourne shopping center for A$113M

Charter Hall to buy Coca-Cola Amatil facility in A$45M sale-and-leaseback deal

Keppel subsidiary wins China residential plot with 1.07B-yuan bid

Stockland signs A$203M deal with Frasers Property for Melbourne estate sale