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LaSalle seeks US$1B for China fund; Gaw Capital mulls Allianz JV for S$1.6B buy

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LaSalle seeks US$1B for China fund; Gaw Capital mulls Allianz JV for S$1.6B buy

* LaSalle Investment Management Inc. is believed to be aiming to raise US$1 billion for its first dedicated discretionary logistic fund in China. The real estate manager is expected to launch China Logistic Development Fund by the end of 2019.

* A Gaw Capital Partners-led consortium is discussing a potential team-up with Allianz Real Estate for its bid to acquire the office and retail components of the Duo integrated development in Singapore's Bugis area, The (Singapore) Business Times reported. A deal for the assets owned by a joint venture between Malaysian sovereign fund Khazanah Nasional Bhd. and investment company Temasek Holdings (Pte.) Ltd. could possibly amount to S$1.58 billion, according to the publication.

Australia

* Dexus is negotiating to buy St Martins Properties Holdings Pty. Ltd.'s stake in the A$1 billion Rialto Towers skyscraper at 525 Collins St. in Melbourne's central business district, The Australian reported, citing industry sources. The targeted property is co-owned by Grollo Group.

* Challenger Ltd. sold the Makerston House office building at 30 Makerston St. in Brisbane to Sentinel Property Group under a A$103 million deal, which reflects a net passing yield of 7.85%, The Australian Financial Review reported. The property will be held in the buyer's Regional Office Trust.

Hong Kong and China

* Country Garden Holdings Co. Ltd. acquired an 80,859-square-meter residential land parcel in Ningbo, China, for 1.63 billion yuan, China Internet Information Center reported. The consideration paid for the property reflects a 48.6% premium to its nearly 1.10 billion-yuan guide price.

* Poly Real Estate Group Co. Ltd. paid 2.67 billion yuan to purchase two residential plots in Chongqing, China, Guandian reported. According to the news platform, Joy City Property Ltd. also bagged an 86,666.67-square-meter (130 mu) land in the same city for 780 million yuan.

* Separately, Poly Real Estate exited its joint venture with Sunac China Holdings Ltd. in the Economic-Technological Development Area of Yizhuang, Beijing, through the divestment of its 50.5% stake in the project, Beijing News reported. In 2018, the joint venture logged 442 million yuan of revenues and net profit of 362 million yuan.

* Arch Capital Management Co. Ltd. agreed to buy the commercial building at 69 Jervois St. in Hong Kong's Sheung Wan area, Mingtiandi reported. The news platform cited sources familiar with the acquisition as saying that the fund manager is purchasing the 102,177-square-foot property for HK$1.9 billion from private entities believed to be affiliated with the chairman of Kingboard Holdings Ltd.

* Jakarta-based coworking space provider CEO Suite will launch a 27,000-square-foot branch at New World Development Co. Ltd.'s K11 Atelier building in the Tsim Sha Tsui district of Kowloon, Hong Kong, Mingtiandi reported, citing market sources. The new office location will form part of the Hong Kong-listed developer's US$2.6 billion Victoria Dockside development.

* In other New World Development-related news, the property company will open in August a 6,000-square-foot flagship store for New York's The Museum of Modern Art in its Victoria Dockside project in Hong Kong, the South China Morning Post reported. The store, which will be featured in the company's K11 Musea property, will be MoMa's largest store in Asia.

* Knight Frank is forecasting stability for residential property prices in Hong Kong and a 5% increase in the prices of luxury and super luxury homes in the special administrative region for 2019, The (Hong Kong) Standard reported. Furthermore, the autonomous territory's government is not expected to introduce new property cooling measures over the next three to six months, according to Thomas Lam, executive director and head of valuation and advisory of the property consultancy firm.

Singapore

* Kaisa Group Holdings Ltd. issued US$400.0 million in 11.5% senior notes callable Jan. 30, 2023. The notes will be listed on the Singapore stock exchange May 31, according to a filing.

Japan

* Suginoi Hotel earmarked ¥40 billion for its plan to refurbish an existing hotel property in the hot spring resort in Beppu City of Oita Prefecture, Tokyo's The Nikkei reported. The redevelopment plan includes the addition of a new hotel in the tourist destination between 2020 and 2025.

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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.

Janna Estares, Emily Lai and Jaekwon Lim contributed to this report.