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Ichigo to sell 2 assets for ¥1.8B; C&D buys out stake in Chinese project

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Ichigo to sell 2 assets for ¥1.8B; C&D buys out stake in Chinese project

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

Japan

* Ichigo Office REIT Investment Corp. is expecting gains of about ¥610 million from its planned ¥1.80 billion divestment of the 1,396.39-square-meter Ichigo Sapporo Minami 2 Nishi 3 Building and the 830.21-square-meter Ichigo Daimyo Balcony retail properties in Fukuoka.

* Hotel-focused Hoshino Resorts REIT Inc. is planning to invest in resort developer and operator Yomitan Hotel Management Co. Ltd. that will build a 100-room resort in Okinawa. The project, which will sit on a 109,276.87-square-meter site, is expected to be completed in 2019.

To carry out the deal, the Japanese developer is buying 49.85%, 50% and 50% of the company's no. 1 class B, no. 2 class B and no. 3 class B preferred issued shares for ¥166.0 million, ¥166.5 million and ¥167.0 million, respectively. Hoshino Resorts Ryokan and Hotel Management Support No. 2 Investment LPS are transferring the shares.

China

* Hong Kong-listed C&D International Investment Group Ltd. is taking full control of a roughly 196,414-square-meter development site in Wuxi in Jiangsu province through its Yi Yue (Hong Kong) Ltd. subsidiary's nearly 1.1 million yuan acquisition of Prosper Wealth International Ltd.'s entire 100% shareholding in the project's 49%-owner, Fullshare Healthcare Ltd. Another C&D International subsidiary, Xiamen Yi Yue Property Co. Ltd., holds the remaining 51% in the project.

The impending acquisition, which will be bankrolled using internal resources of the group, will also involve Yi Yue's repayment of Fullshare Healthcare's approximately 169.0 million yuan debt to Prosper Wealth. Completion of the proposed transaction will be subject to the completion of certain conditions, according to a filing.

Australia

* Convenience Retail REIT agreed to purchase the Puma Moree service station on the Newell Highway in New South Wales, under a A$10.4 million sale and lease back deal with Puma Energy Australia. The transaction, representing a 7.0% capitalization rate, is expected to be completed by April 30. Puma Moree opened for business Jan. 30 and is leased for 15 years, according to a release.

* Desane Group Holdings Ltd. said the nine-day Supreme Court trial challenging the New South Wales government's compulsory acquisition of its 5,274-square-meter property at 68-72 Lilyfield Road, Rozelle, Sydney, concluded March 8, with the two opposing parties agreeing that the Roads and Maritime Services, or RMS, on behalf of the state government, will not proceed to acquire the asset until seven days after the court's decision. The company expects to hear a judgment on the proceedings in mid- to late-April.

As basis for its claim against the government, Desane highlighted that RMS was not purchasing the land for an authorized purpose and that its proposed acquisition notice was insufficient, among other factors, during the trial.

The company, which expects the notice to be rendered invalid, added that following the trial, it was still no closer to understanding why the government was pursuing its Rozelle property.

Additional coverage

Freehold condo in Singapore expects S$106M via en bloc sale

Report: Blackstone to buy 80% stake in Indian mall for 3.10B rupees

Swire Properties to let 55,000 square feet in Hong Kong to WeWork

Guocoland, partners win Singapore estate in record S$980M deal

Zhong An subsidiary signs 360M yuan deal to acquire land parcel in China

As of March 19, US$1 was equivalent to 6.33 yuan and ¥105.92.