* Singapore sovereign wealth fund GIC Pte. Ltd. and Charter Hall Group are jointly purchasing an office building in Sydney's Parramatta suburb from Brookfield Properties for about A$420 million, IPE Real Assets reported, citing sources familiar with the matter. The deal for the 15-story Jessie Street Centre is subject to approval from Australia's Foreign Investment Review Board.
Greater China
* The Hong Kong government said it intends to launch tenders for two residential sites in the Tai Hang and Tuen Mun areas of the city in the fourth quarter. The sites are expected to yield about 980 flats. It added that MTR Corp. Ltd. will tender Package 12 of the Lohas Park project, which can provide about 2,000 units.
* Meanwhile, Henderson Land Development Co. Ltd. said it would not object if three or four of its land plots totaling 1 million square feet located in Fanling were requisitioned by the government for public housing, South China Morning Post reported. The city's Lands Department had planned to take back 784 plots of private farmland spanning 68 hectares in the northern New Territories for the construction of 21,000 new homes.
In addition, New World Development Co. Ltd. said it would donate a fifth of its farmland reserves, while Sun Hung Kai Properties Ltd. said it would support the government's plan to seize lands as long as it received "reasonable compensation."
* A unit of China Jinmao Holdings Group Ltd. bought a 50% stake in a property development joint venture from a unit of Ping An Insurance (Group) Co. of China Ltd. for 2.05 billion yuan. The stake acquisition brings China Jinmao's stake in the Jinmao Hangzhou partnership to 100%.
Australia
* Office landlord DEXUS said it will not lease more space to WeWork Cos. Inc. until the U.S.-based flexible working space giant's parent company resolves its issues, South China Morning Post reported. The We Co. recently said it expects to complete its IPO by the end of 2019 after pausing the offering that was slated in September.
* Investec Australia Property Fund acquired a portfolio of three industrial properties from Charter Hall Prime Industrial Fund for a total of A$81 million with an initial yield of 7.3%. The fund plans to raise A$84 million via an institutional placement priced at A$1.52 per share to fund the purchases and related costs.
Malaysia
* Malaysian industrial-focused developer AME Elite Consortium Bhd. plans to raise gross proceeds of about 166.6 million ringgit via its planned IPO on the main market of Malaysian stock exchange. The company is offering 85,423,000 new shares and 42,711,800 existing shares in the IPO to raise funds primarily for business expansion.
India
* Indiabulls Real Estate Ltd. finalized the sale of its remaining stakes in property development joint venture companies and certain subsidiaries to Blackstone Group Inc.-controlled entities for a combined equity value of roughly 27.17 billion rupees. The Indian group said it is also in the process of finalizing an agreement with Blackstone for the sale of its direct or indirect stake in certain commercial property assets in New Delhi, Mumbai and Gurugram.
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.
