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Malaysians close £1.6B London buy; Oxley to sell Chevron House for S$1B

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Malaysians close £1.6B London buy; Oxley to sell Chevron House for S$1B

* A 65/35 joint venture between Malaysian investors Permodalan Nasional Bhd. and Employees Provident Fund Board completed its approximately £1.58 billion acquisition of commercial assets in the Power Station building in London from Battersea Power Station Development Co. Ltd. The building occupies about six acres of a 42-acre regeneration scheme in the city and already has lease deals in place with tenants including Apple Inc.

* Oxley Holdings Ltd.'s Oxley Beryl Pte. Ltd. subsidiary is selling the Chevron House commercial building at 30 Raffles Place in Singapore to an unnamed U.S.-based real estate fund for nearly S$1.03 billion. The deal was struck after the vendor accepted the expression of interest for the property that is occupied by oil giant Chevron.

Hong Kong and China

* Swire Properties Ltd. and its parent, Swire Pacific Ltd., both saw annual increases in their respective underlying profit attributable to shareholders of the company for the full year ended Dec. 31, 2018. The property company logged a 29.5% year-on-year increase in the metric to HK$10.15 billion from HK$7.83 billion, while its holding company reported 79.7% annual growth to HK$8.52 billion from HK$4.74 billion.

* Link Real Estate Investment Trust completed its 6.6 billion-yuan purchase of the CentralWalk shopping mall in Shenzhen's central business district following the recent closing of its approximately HK$12.01 billion sale of 12 shopping centers in Hong Kong. The REIT acquired the fully occupied 903,100-square-foot retail property through its Preston River (HK) Ltd. subsidiary from Central Walk (Barbados) Co. Ltd.

* China Resources Land Ltd.'s contracted sales in February jumped 18.5% on an annual basis to about 9.01 billion yuan, reflecting gross floor sales area of approximately 500,603 square meters. During the reporting month, the property company said it paid about 92 million yuan for a 41% interest in a land parcel with a gross floor area of approximately 75,923 square meters in Qingdao, China.

* CK Asset Holdings Ltd. got the green light from Hong Kong's Buildings Department for its plan to build 19 residential blocks on the Fung Lok Wai wetland in the Yuen Long town of the special administrative region, The (Hong Kong) Standard reported.

In the same report, the paper added that MTR Corp. Ltd. will launch the public tender March 16 for a residential development site in the Tseung Kwan O area of the New Territories, Hong Kong. The property, which is intended for phase 11 of the Lohas Park project, is expected to fetch HK$2.7 billion.

Australia

* ESR Real Estate (Australia) Pty. Ltd. is offering to buy the remaining securities it does not already own in Propertylink for A$1.164 apiece. The compulsory acquisition follows the closing of the ESR Cayman Ltd. subsidiary's A$723.3 million takeover of the listed real estate investment trust, giving it 98.00% voting power in the industrial-focused company.

* Villa World Ltd. received a takeover offer from fellow diversified property developer AVID Property Group Australia Pty. Ltd. The bid with an indicative price of A$2.23 per share is subject to the satisfactory completion of a due diligence exercise, the execution of a scheme implementation agreement and the approval of the offeror's directors, among other conditions.

* GPT Group is believed to be negotiating with fellow shopping center landlords, such as AMP Capital, QIC Global Real Estate and Scentre Group, to swap a 50% stake in the A$2.7 billion Highpoint Shopping Centre in Melbourne, The Australian reported. The 154,300-square-meter property is leased to tenants including David Jones, Zara, Apple and Samsung.

South Korea

* Homeplus Co. Ltd. called off its up to 1.7 trillion-won IPO for a REIT in South Korea because of lackluster demand from overseas investors. The trust was aiming for an up to 2.5 trillion-won valuation upon its planned March 29 listing.

Japan

* ORIX JREIT Inc. is borrowing ¥9.90 billion from Sumitomo Mitsui Trust Bank Ltd. to refinance its long-term loan of the same amount that will mature March 20.

* According to Real Estate Economic Institute Co. Ltd., Sumitomo Realty & Development Co. Ltd. has the most condominium area supply in Japan, with 498,864 square meters, Yahoo News (Japan) reported. Nomura Real Estate Development Co. Ltd. is in second place with 393,350 square meters of supply area.

Singapore

* PropNex is calling on Singaporean authorities to revise the property cooling measures implemented in the city-state in July 2018 to help make selling homes easier, The (Singapore) Business Times reported, citing Ismail Gafoor, CEO of the property brokerage company.

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce and John Chan contributed to this report.