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Ara Asset mulls dual-listing; CapitaLand Commercial closes €251.5M German buy

* Ara Asset Management Ltd. is considering a dual-market listing, including one in Singapore, over the next two to three years, Reuters reported, citing the company's CEO and co-founder, John Lim. Other options for the listing include Shanghai, Hong Kong, London and the U.S., Lim said.

* CapitaLand Commercial Trust completed its €251.5 million acquisition of a 94.9% combined stake in the Main Airport Center freehold office property in Frankfurt, Germany, from CapitaLand Ltd. and Lum Chang Holdings Ltd. The Singapore-based real estate investment trust funded the purchase using a combination of debt and equity, according to a news release.

Greater China

* Guangzhou R&F Properties Co. Ltd. paid 1.09 billion yuan for the acquisition of a 105,300-square-meter mixed-use land parcel in Taiyuan, China, Guandian reported. The Hong Kong-listed developer also bought the development site adjacent to the plot to boost the properties' development potential.

* Shi Jinyu, chairman of property developer Junhao Group, purchased two identically sized 6,326-square-foot properties at a luxury residential development in the Jardine's Lookout area of Hong Kong for HK$1.1 billion, Mingtiandi reported, citing Land Registry documents and sales records released by the project's managers.

* Sun Hung Kai Properties Ltd. recorded a 14x oversubscription for the 352 units it offered in its Cullinan West III residential development in Hong Kong after it received 5,419 deposits, Ming Pao reported.

* Buyers are taking a conservative stance in the property market in Hong Kong, with all 34 properties offered in an auction ultimately taken back due to lack of bidders, Apple Daily reported. Only four residential projects and one car park space attracted offers, but all were rejected as the bids did not reach the reserve prices for the properties.

* Meanwhile, Midland IC&I Ltd. said about one in every 10 shops in Causeway Bay, Hong Kong, is vacant after three months of public protests in the city, South China Morning Post reported. The real estate agency noted that in August, as many as 102 shops stood empty out of 1,087 in the world's most expensive shopping district.

Singapore

* OUE Ltd.'s Alkas Realty Pte. Ltd. subsidiary agreed to divest its leasehold interest in the Town Subdivision 30 residential development to DHI Holding (S) Pte. Ltd. for S$287.1 million.

* Meanwhile, OUE Commercial REIT said it declined the opportunity to buy a 268-room serviced residence from OUE for S$289.0 million. The commercial REIT said that purchasing the property would not be accretive to its distribution per unit.

* Frasers Centrepoint Trust increased its interest in the S$1.30 billion Waterway Point property at 83 Punggol Central to 40.0% from about 33.33%. The property trust bought its initial stake in the property under a S$433.3 million transaction with a Frasers Property Ltd. subsidiary in July.

Australia

* Brisbane-based property company Aria Property Group Pty. Ltd. secured approval to develop a A$350 million integrated resort project in the Mooloolaba suburb on the Sunshine Coast, The Australian reported. The five-star hotel development will be the company's largest since it was established in 2003.

Japan

* Elliott Management Corp. boosted its shareholding in the Japanese real estate developer Unizo Holdings Co. Ltd. to 10.95% from 9.90%, The Nikkei reported, citing a filing from the U.S. investment company on the Kanto Local Finance Bureau.

Other real estate news

* A group of Korean institutional buyers bought a majority stake in the global headquarters of AT&T Inc. in Dallas for an undisclosed sum, Bloomberg News reported, citing a person with knowledge of the deal. The members of the buying consortium, as well as the size of the stake, were also not disclosed, but the source said the One AT&T Plaza building is worth approximately US$250 million.

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.

Ian Cruz, Emily Lai and Jaekwon Lim contributed to this report.