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Essential IR Insights Newsletter - February 2023

Oxford Properties wins Investa Office bid; Tesla inks Shanghai plot buy deal

* The board of Investa Office Fund's responsible entity, Investa Listed Funds Management Ltd., now unanimously recommends Oxford Properties Group's $5.60-per-unit proposal to take over Investa Office after private equity giant Blackstone Group LP advised that it will not provide a matching or superior proposal to Oxford's offer.

Investa Listed has terminated the Blackstone scheme implementation agreement and entered into a new one with Oxford.

* Tesla Inc. and the Shanghai government signed an agreement for the transfer of an 864,885-square-meter industrial land parcel in the city to the electric vehicle manufacturer, Caixin Global reported. Citing the Shanghai Bureau of Planning and Land Resources, the news agency added that the property was acquired by the U.S. company after it bid 973 million yuan in an auction.


* Vicinity Centres' Vicinity Enhanced Retail Fund divested a shopping center in Sydney's Lidcombe suburb to an unidentified high-net-worth local investor for A$145 million. The 33,000-square-meter Lidcombe Centre property that houses a Kmart, Woolworths supermarket and Aldi supermarket, occupies a 36,000-square-meter land parcel and includes parking spaces for 1,000 cars.

* Hiap Hoe Ltd. is negotiating with BGC Group for the over A$100 million purchase of a 224-room hotel and an office complex in Perth, The Australian reported. The adjoining Aloft Perth and office buildings are being offered through JLL Hotels & Hospitality and JLL.

* Singaporean wealth fund GIC Pte. Ltd. is in discussions with AMP Capital and Primewest for the acquisition of the Exchange Tower complex in Perth under a deal that values the property at close to A$330 million, The Australian reported.

The asset at 2 The Esplanade, which was taken to the market in July, is home to tenants including Patersons, Morgan Stanley, Bell Potter, Allen & Overy, Bain International, Mitsubishi Australia, Mitsui, RSM, Azure Capital, Arup and Knight Frank.

* Goldman Sachs Group Inc.'s student accommodation joint venture with Blue Sky Alternative Investments Ltd. piqued the interest of Mapletree Investments Pte. Ltd. and Brookfield Asset Management Inc., The Australian reported. The Singaporean and Canadian investors are believed to be competing to invest an estimated A$600 million in the Atira joint venture that is being offered to investors with the help of JLL.

* Sentinel Real Estate Corp. obtained a A$200 million investment commitment from an unnamed European pension fund for its Australia Multifamily Hold Trust, The Australian Financial Review reported. The American private company is aiming for a 5% net yield on cost for the build-to-rent trust, which will build, own and manage rental apartment communities across Australia.

Southeast Asia

* Ayala Land Inc.'s Avida Land Corp. earmarked 7.4 billion pesos for a planned condominium development along Reliance Street in Mandaluyong City, Philippines, The Philippine Star reported. Construction on the first building of the three-tower Avida Towers Verge project is set to begin in early 2019 with completion expected by December 2023.

* Singapore's Urban Redevelopment Authority revised the guidelines for upcoming proposals for private flats and condominium developments outside the central area of the city-state, The (Singapore) Straits Times reported.

As part of the changes that will apply for applications received on or after Jan. 17, 2019, the maximum number of dwelling units per development will be calculated by dividing the proposed building gross floor area by 85 square meters instead of the current 70 square meters.


* Japan Retail Fund Investment Corp. is purchasing the G-Bldg. Minami Aoyama 03 property from an unnamed vendor under a ¥12.20 billion deal slated to close Oct. 25.

* According to Real Estate Economic Institute Co. Ltd., 3,372 new apartments were sold in the Tokyo capital region in September, up 13.2% from a year ago, Jutaku-Shimpo-Sha reported.

* Average apartment rental prices in the capital increased 1.1% in September from August, helped by the arrival of the fall moving season, Tokyo's The Nikkei reported, citing data from real estate data provider Tokyo Kantei Co. Ltd.

Hong Kong

* Sun Hung Kai Properties Ltd. will open a mansion house at Twelve Peaks in the Peak for tenders Oct. 19, Apple Daily reported. The house, with an area of 3,731 square feet features four suites, a garden and a swimming pool. Another mansion house in the same project was sold for HK$730 million in July, equivalent to HK$152,600 per square foot.

Other real estate news

* Frasers Property Ltd. completed its acquisition of three companies that own investment properties in Austria. The transaction is understood to be part of an approximately €285.2 million deal for the Singapore-listed property developer's purchase of 22 logistics and industrial properties in Germany and Austria.

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Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.