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India's 1st REIT float oversells 2.57x; LendLease plans US$500M Singapore IPO

* Embassy Office Parks REIT's IPO on the National Stock Exchange of India Ltd. was oversubscribed by 2.57x as of March 20, according to data disclosed on the Mumbai-based bourse. The office-focused trust backed by Blackstone Group LP and Embassy Group is the first-ever float of a real estate investment trust in India.

* Australia-based multinational real estate company LendLease Group is aiming to raise US$500 million from its planned listing of a retail REIT on the Singapore stock exchange. The reported IPO plan comes after the Warburg Pincus LLC-backed ARA Asset Management Ltd. was tipped to be considering a US$500 million listing in the city-state of an over US$700 million REIT that will hold its U.S. hotel properties.

Hong Kong and China

* China Overseas Land & Investment Ltd.'s profit attributable to owners of the company increased 10.1% on an annual basis in the year ended Dec. 31, 2018, to HK$44.90 billion from HK$40.77 billion.

* Henderson Land Development Co. Ltd., meanwhile, said its underlying profit attributable to equity shareholders increased 1% to HK$19.77 billion from HK$19.52 billion.

* Separately, China Overseas Land agreed to jointly develop an approximately 9,048-square-meter residential land parcel in the Kai Tak area of Kowloon, Hong Kong, with China State Construction International Holdings Ltd. As part of the deal for the HK$12.64 billion project, China State Construction will pay 20% of the approximately HK$8.03 billion loan provided by Chung Hoi Finance Ltd. to Macfull Ltd., the company tasked to oversee the development of the plot.

* Regal Hotels International Holdings Ltd. warned of an over 40% year-over-year decline in its profit for the year ended Dec. 31, 2018. The company cited the absence of rental expenses reimbursement from its iclub Sheung Wan Hotel and iclub Fortress Hill Hotel properties as the main factor for the bearish forecast.

* Logan Property Holdings Co. Ltd.'s Shenzhen Logan Holdings Co. Ltd. subsidiary issued 1.51 billion yuan of 5.5% domestic corporate bonds due 2024. The bonds were offered under the issuer's up to 4.0 billion-yuan shelf that the China Securities Regulatory Commission approved Sept. 11, 2018.

* China South City Holdings Ltd. is expecting to net about US$197.2 million from its planned issuance of US$200.0 million in 11.875% senior notes due March 27, 2021. The notes, which will be listed on the Singapore stock exchange, will be offered at a price equivalent to 99.567% of its principal amount, according to a filing.

* Beijing Capital Land Ltd. is planning to register an up to 4 billion-yuan debt shelf on the Beijing Financial Assets Exchange Co. Ltd. The Hong Kong-listed developer intends to use the proceeds from the program that will be underwritten by Bank of Shanghai Co. Ltd. to repay loans obtained from financial institutions.


* Salta Properties Pty. Ltd. secured the support of Melbourne's councilors for its plan to develop a A$330 million hotel and build-to-rent tower in the city's Docklands suburb, The Australian Financial Review reported. The proposed project will mark a number of firsts for Melbourne by becoming the city's first build-to-rent tower and the home of the city's first Hotel Indigo that will be operated by InterContinental Hotels Group PLC.

* Residents at Stockland's Riverstone Crossing development in the Oxenford suburb of the Gold Coast are claiming that the property company failed to honor its obligations in a court order relating to the project, the AFR reported. They are now considering legal actions against the developer amid a company spokesperson's claims that all development conditions required for the project were already met.


* CapitaLand Ltd. appointed Temasek Holdings (Pte.) Ltd.'s Jurong Consultants Pte. Ltd. subsidiary to provide technical due diligence services for some properties in India owned by Ascendas Pte. Ltd. and Singbridge Pte. Ltd., which CapitaLand agreed to acquire in January. The Singapore-listed developer will pay Jurong Consultants S$388,099.22 for the services that will be rendered, according to a news release.

* Ascendas Real Estate Investment Trust's trustee issued about HK$1.45 billion in 3.57% notes callable March 20, 2029, under its S$5.00 billion multicurrency medium-term note program. From the offering, HSBC Institutional Trust Services (Singapore) Ltd. is anticipating about £142.5 million in net proceeds, which will be used for refinancing of existing debt and for general working expenditures of the group.

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.

Rollen Catorce contributed to this report.