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Ascendas Hospitality closes 1st South Korean buy; LPN acquires 3 vacant lands

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Ascendas Hospitality closes 1st South Korean buy; LPN acquires 3 vacant lands

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

South Korea

* Singapore-listed real estate investment trust Ascendas Hospitality Trust completed its 73.0 billion-won, all-cash acquisition of the 215-room KY-Heritage Hotel Dongdaemun asset in Seoul, which marked its first property purchase in South Korea. The transaction was carried out through holding company Ascendas Korea Hospitality No 1 Professional Investors Private Real Estate Investment LLC.

Upon the deal's completion, the hotel-focused REIT signed a 20-year master lease agreement with Sotetsu International Korea Co. Ltd. that will rename the KY-Heritage property as The Splaisir Seoul Dongdaemun.

Thailand

* SET-listed L.P.N. Development Pcl separately acquired a vacant land in the province of Samut Prakan for nearly 119.6 million baht and two more in the Bangkok province for respective considerations of about 264.3 million baht and 242.8 million baht.

All sites are earmarked for condominium developments that will have estimated end values of 700 million baht, 1.20 billion baht and 1.60 billion baht, respectively. Approximately 410 housing units are expected to arise from the roughly 1,494.50-square-wah (5,978-square-meter) site in Samut Prakan, 389 units from the 755-square-wah (3,020-square-meter) land plot and 680 units from the 2,178-square-wah (8,712-square-meter) parcel in Bangkok.

Japan

* Comforia Residential REIT Inc. decided to buy the College Square Hachimanyama apartment building in Tokyo for approximately ¥880.0 million from an unnamed domestic vendor and sell the Comforia Komae residential asset, also in the capital, for about ¥605.0 million to a different unidentified domestic company.

The acquisition is slated for May 25, while the divestment is scheduled for June 20, according to a filing.

Additional coverage

Blackstone to sell Sydney shopping center for A$700M

As of May 21, US$1 was equivalent to ¥111.14, 1,080.34 won and 32.19 baht.