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Brookfield to enter India's hotel sector; Jinmao joins 5B-yuan PE-RE team-up

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Brookfield to enter India's hotel sector; Jinmao joins 5B-yuan PE-RE team-up

* Brookfield Asset Management Inc. is making its foray into India's hospitality sector through an approximately 45.00 billion-rupee purchase deal with Hotel Leelaventure Ltd. The reported agreement, which involves the transfer of at least four of five luxury hotels and a land plot in the country, is expected to be completed in early 2019.

* China Jinmao Holdings Group Ltd.'s Jinmao Investment Management (Tianjin) Co. Ltd. subsidiary agreed to contribute nearly 2.50 billion yuan in a 5.00 billion-yuan partnership that will target private equity investments in the real estate sector.

Jinmao Investment established the partnership with PICC Private Equity Co. Ltd., BCEG Investment Development Co. Ltd. and Jinmao (Jiaxing) Investment Management Co. Ltd., which is a 50/50 joint venture between China Jinmao and Macquarie Corporate Holdings Pty. Ltd.

* Another China Jinmao subsidiary, Jinmao Hangzhou Property Development Co. Ltd., increased its credit facility for Jiaxing Jinfang Qiantang Equity Investment Partnership LP to 1.90 billion yuan from 1.60 billion yuan.

Hong Kong and China

* A joint venture between Sunac China Holdings Ltd. and Shanghai Land Group Co. Ltd.'s China Enterprise affiliate was named by Mingtiandi as the seller of the Shanghai building that China Reinsurance (Group) Corp.'s China Continent Property & Casualty Insurance Co. Ltd. subsidiary is buying under an approximately 3.09 billion-yuan deal.

* Greenland Hong Kong Holdings Ltd.'s contracted sales in the first 11 months of 2018 jumped by about 15% on an annual basis to nearly 30.92 billion yuan, reflecting contracted gross floor area of about 2,785,882 square meters.

* Sunshine 100 China Holdings Ltd.'s Sunshine 100 Real Estate Group Co. Ltd. and Beijing Sunshine 100 Real Estate Group Co. Ltd. subsidiaries agreed to lend up to 600 million yuan to Wenzhou Zhongxin Haoyuan Investment Co. Ltd. The two-year financial assistance will be subject to an annual interest rate of 12%, according to a filing.

* Redsun Properties Group Ltd. is expecting to net approximately US$197.6 million from its plan to add US$200.0 million to its previous offering of US$180.0 million of 13.5% senior notes due Dec. 3, 2020.

* The Fude Group Holdings of Hong Kong was appointed to develop a Hello Kitty theme park in China's Hainan province that will cost a reported 11 billion yuan, according to Mingtiandi. The Hainan Hello Kitty Paradise development is one of the 12 key pilot projects being built in the province, the news agency added.

Australia

* M&G Real Estate acquired a 25% stake in the headquarters of Coca-Cola Amatil Ltd. at 40 Mount St. in Sydney's north for A$109.5 million from a 50/50 joint venture between South Korea's National Pension Service and Investa Commercial Property Fund.

* Cromwell Property Group bought the office building at 420 Flinders St. in north Queensland's city of Townsville from Lancini Property and Development for A$63.5 million, The Australian Financial Review reported. The purchased property, which serves as the headquarters of Energy Queensland, is also occupied by the National Australia Bank Ltd.

Southeast Asia

* Real estate investment firm Asia Capital Real Estate launched an up to US$150 million Thailand-focused real estate fund under a partnership with Southeast Asia-based property developer Noon Capital.

* Private home sales in Singapore grew to 1,198 units in November from the 487 apartments sold in October, Bloomberg News reported, citing figures from the Urban Redevelopment Authority. The increase marked the highest number of home sales in the city-state since July, according to the news outlet.

* TEE International Ltd. is conducting a strategic review for its boutique property developer subsidiary, TEE Land Ltd. The Singapore-listed company said there is no assurance that any transaction or a binding agreement will result from the process.

* Filipino developer Ayala Land Inc. is investing an aggregate 14 billion pesos for its 526-hectare Habini Bay estate development in the Philippine province of Misamis Oriental.

Other real estate news

* A joint venture between Malaysian state pension fund Employees Provident Fund Board and asset manager Permodalan Nasional Bhd. agreed to buy the commercial components of the second phase of the Battersea Power Station project in London under a £1.58 billion deal with a joint venture between SP Setia Bhd., Sime Darby Property Bhd. and the pension fund. Apple Inc. and IWG PLC are leasing more than half of the targeted project's approximately 1 million square feet of commercial space.

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.

Abdul Rehman Maqbool contributed to this report.