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Brookfield mulls India REIT IPO in 2020; Link REIT to buy Australia office tower

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Brookfield mulls India REIT IPO in 2020; Link REIT to buy Australia office tower

* Brookfield Asset Management Inc. is reportedly in talks about a potential listing of a real estate investment trust in India in 2020 that could raise more than US$1 billion. The trust's portfolio would comprise commercial real estate assets of about 15 million square feet to 20 million square feet.

* Link Real Estate Investment Trust agreed to buy a 28,385-square-meter office building at 100 Market St. in Sydney's central business district from The Blackstone Group Inc. for A$683 million, The Australian Financial Review reported. The acquisition is the Asian REIT's first investment outside Greater China as it looks to diversify its portfolio, according to CEO George Hongchoy.

Australia

* Queensland Minister for State Development Cameron Dick said Dexus may now commence the detailed design stage and file a development application for a A$2.1 billion project in Eagle Street Pier in Brisbane, The Australian reported. The development will include two premium office and mixed-use towers, as well as restaurants, casual eateries and shops.

* LendLease Group is selling its engineering business to Acciona Infrastructure Asia Pacific for A$180 million. The deal is expected to be completed in the first half of 2020, subject to client and third-party consents and regulatory approvals, among other conditions.

* The Victorian state government will finalize within days a shortlist of bidders for the tender to the 13,600-square-meter Treasury Square site in Melbourne, the AFR reported. Bids for the A$2 billion project are expected to surpass A$500 million, with Dexus' partnership with John Holland Group Pty. Ltd., Mirvac Group, Brookfield and LendLease among potential contenders.

Greater China

* Guangzhou R&F Properties Co. Ltd. expects to raise HK$3.73 billion from placing 273,000,000 new Hong Kong-listed H shares at HK$13.68 apiece. The Chinese property developer noted in a filing that net proceeds from the placement will be used to repay its offshore debts.

* Beijing Capital Land Ltd. said it will propose to issue up to 6 billion yuan of domestic corporate bonds to repay its corporate debt during a yet-to-be-scheduled extraordinary general meeting, according to a filing.

* Zensun Enterprises Ltd. filed an application with the Hong Kong stock exchange for an additional issuance of US$120 million in 12.8% senior notes due 2021. The notes, which will be consolidated with the developer's previous US$220 million issuance, are expected to be listed on Dec. 20.

* China Evergrande Group is selling 180 flats at its Emerald Bay development in Tuen Mun, Hong Kong, while Sun Hung Kai Properties Ltd. is expected to launch the first batch of units at its Wetland Seasons Park project in the city's Tin Shui Wai town over the weekend after receiving pre-sale consent, The (Hong Kong) Standard reported.

Japan

* Industrial & Infrastructure Fund Investment Corp. completed its ¥2.34 billion acquisition of a logistics center in Japan. IIF Gifu Kakamigahara Logistics Center is one of five properties that the company announced on Nov. 29 that it would purchase for an aggregate consideration of ¥25.34 billion.

Indonesia

* Nufransa Wira Sakti, spokesman for Indonesia's Ministry of Finance, said the government is considering an agreement with Singapore's RedDoorz and India's Oyo Hotels & Homes for the management of state-owned properties, Reuters reported. He added that a partnership with the online platforms could expand the options to optimize asset value to improve returns.

The Philippines

* The Philippine Competition Commission approved Mitsubishi Corp.'s proposed joint venture with Filinvest Alabang Inc. for the development of luxury integrated projects in Alabang, Muntinlupa, The Manila Times reported, citing a statement from the competition watchdog. Mitsubishi will buy a 40% stake in Filinvest Alabang as part of the transaction.

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.