* Rich Union Development Ltd., a Nan Fung Group unit, broke sale records in Kai Tak, Hong Kong, with the HK$24.6 billion acquisition of the New Kowloon Inland Lot No. 6556 at the former Kai Tak Airport. The site has a maximum gross floor area of 177,670 square meters according to Hong Kong's Lands Department.
* Australian super fund Commonwealth Superannuation Corp. is taking to the market a 50% stake in the A$1.5 billion Indooroopilly shopping center. The asset, which houses Myer, David Jones, Kmart, Target, Coles and Woolworths, has 115,000 square meters of retail space.
* The joint venture of AEP Investment Management and HNA Group that is planning an initial public offering tapped Bank of America Merrill Lynch to oversee the launching of the proposed approximately A$1 billion Asia-focused real estate investment trust, The Australian reported.
It was earlier announced that an asset from the U.K. has been included in the trust's initial portfolio.
Hong Kong and China
* Mega Regal Ltd. and its affiliates now own 342,522,752 shares or a roughly 81.73% stake in Lifestyle Properties Development Ltd., as it completed its HK$661.6 million buyout May 31.
* Logan Property Holdings Co. Ltd. closed its issuance of US$350.0 million in perpetual capital securities, according to a filing. Earlier, the company said the US$346.5 million net proceeds from the issuance will be used to pay existing debt and finance general corporate expenses.
* A subsidiary of Sunac China Holdings Ltd. agreed to pay 2.10 billion Chinese yuan for the debt and equity of Chongqing Huacheng Fuli Property Development Ltd. Co. under a deal that would turn the target into a Sunac China joint venture.
The transaction will give the Sunac unit a 60% direct stake in a residential-commercial project in Chongqing, China.
* Funding for the HK$31.9 billion sports complex project in Kai Tak secured the approval of the Hong Kong Legislative Council's public works subcommittee. However, the South China Morning Post reported the project might face a roadblock in the Finance Committee due to "fierce filibustering."
* Figures from Hong Kong's Rating and Valuation Department show that home prices in April rose nearly 20% on the year, The (Hong Kong) Standard reported. It added that prices in the month are the highest on record for the sixth consecutive month.
* Generation Healthcare REIT is again calling on unit holders to accept the increased A$2.30-per-unit bid of NorthWest Healthcare Properties REIT. The company reiterated in a statement that the bid already secured the support of the trust's board and its manager.
* Australian developer Villa World is gearing up to launch its A$300 million flagship residential project on the Gold Coast in Queensland, the Australian Financial Review reported. The project known as Arundel Springs will provide 306 residential lots and 80 townhomes.
* Singaporean company Rockworth Capital Partners paid A$160 million for the recently completed Town Square Redbank Plains shopping center in Brisbane. The AFR reported that the shopping center, which lists Woolworths, Coles and Aldi supermarkets as tenants, was purchased from Alceon and Capital Transactions.
* JLL is not seeing a slowdown in the Sydney and Melbourne markets for industrial properties throughout 2017, The Australian reported. The paper said JLL is expecting buyers to pay high amounts for properties in the two Australian cities, which will continue to encourage transactions.
* Megaworld Corp. is hoping to reap about 3 billion Philippine pesos from the 64-unit Albany residential building that it will build in its McKinley West development site in Taguig, Metro Manila, The Philippine Star reported.
* A joint venture between a Malaysian Resources Corp. Bhd. unit and the Employees Provident Fund will be developing three land parcels in Bukit Jalil, Kuala Lumpur.
* City Developments Ltd. is calling on tender bids for the 1.3-hectare Citimac Industrial Complex in Tai Seng, Singapore, worth at least S$430 million.
* Mitsubishi Estate Co. Ltd. is planning to build an outlet mall in Joyo, Kyoto Prefecture, which will open in fiscal 2023, Tokyo's The Nikkei reported.
* Invesco Office J-REIT Inc. is borrowing a total of ¥13 billion from a syndicate of lenders arranged by Sumitomo Mitsui Banking Corp. The company said the money will be used to pay long-term loans of the same amount expiring June 6.
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. Articles and links are correct as of publication time.
Cam Nones and Jaekwon Lim contributed to this report.