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Singapore's GIC closes €465M Paris buy; WeWork unveils new Hong Kong branch

* Singapore's sovereign wealth fund GIC Pte. Ltd. bought the Tour Ariane office building in Paris from Unibail-Rodamco-Westfield for €464.9 million. The completed transaction is part of the French real estate investment trust's €3 billion asset disposal program.

* American coworking space provider WeWork Cos. Inc. launched a new branch in the Lan Kwai Fong district of Hong Kong, Mingtiandi reported. The newly unveiled WeWork LKF Tower at 33 Wyndham St. can accommodate more than 1,000 desks across 17 floors, the news platform added.

Hong Kong and China

* China Merchants Land Ltd. completed its issuance of 1.9 billion yuan in 4.6% senior notes due Dec. 18, 2021. The Chinese real estate company intends to use proceeds from the offering to refinance debt and for working capital expenditures.

* Fantasia Holdings Group Co. Ltd.'s Fantasia Group (China) Co. Ltd. subsidiary issued 1.00 billion yuan of three-year domestic corporate bonds in China at a coupon rate of 7.50% under its 2.90 billion-yuan debt program that was approved by the China Securities Regulatory Commission in November.

* CIFI Holdings (Group) Co. Ltd. is planning to offer US$400.0 million of 7.625% senior notes due 2021 at a price equivalent to 99.97% of the notes' principal amount. From the issuance, the Hong Kong-listed Chinese developer is expecting to net approximately US$392.7 million.

* Far East Consortium International Ltd.'s Shanghai Chingchu Property Development Co. Ltd. subsidiary secured the rights over a 29,611.7-square-meter residential site in Shanghai's Baoshan District after offering to pay about 402.4 million yuan.

Australia and New Zealand

* Singapore-listed SPH REIT agreed to pay A$175.1 million for the purchase of an 85.0% stake in the Figtree Grove Shopping Centre in the Figtree suburb of Wollongong in New South Wales. The targeted retail property with an aggregate gross leasable area of 21,984 square meters is anchored by Kmart, Coles and Woolworths supermarkets.

* Cromwell Property Group raised a total of approximately A$228 million following the completion of the retail component of its 2-for-13 accelerated nonrenounceable entitlement offer of stapled securities. The diversified REIT's securities that will be issued under the retail entitlement offer, which raised about A$46 million, are scheduled to commence trading Dec. 20.

* Roxy-Pacific Holdings Ltd.'s Roxy NZ – 280Q Ltd. subsidiary terminated its agreement for the nearly NZ$72.6 million acquisition of the commercial building at 280 Queen St. in Auckland, New Zealand. In a news release, the Singapore-listed developer said the decision was made after the potential buyer's due diligence process on the property garnered unsatisfactory results.

* Pressure on housing prices in New South Wales is expected to grow in 2019 as the gap between supply and demand is anticipated to widen, The Australian Financial Review reported, citing data from the state's midyear budget review. Between 2018 and 2019, housing completions are anticipated to peak at 70,000, according to the publication.


* Keppel Land Ltd.'s PT. Sukses Manis Indonesia subsidiary formed a 50/50 joint venture with PT. Metropolitan Land Tbk for the development of a 12-hectare residential site in East Jakarta. The indirect subsidiary of the Singapore-listed Keppel Corp. Ltd. is investing approximately 600 billion rupiah for the project that will include about 500 house-and-lot units and ancillary shophouses.

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.