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SoftBank boosts WeWork investment; Lendlease wins £1.5B UK redevelopment project

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week.

Investments and purchases

* SoftBank Group Corp. invested US$2 billion in WeWork Cos. Inc., less than the US$16 billion that was previously anticipated, after the Public Investment Fund of Saudi Arabia and Mubadala Investment Co., major contributors to the SoftBank Vision Fund, expressed concern. The US$2 billion investment helped value the coworking startup at US$47 billion.

* In India, WeWork is reportedly in talks to retake an at least 51% interest in its business in the country, a deal that could be worth US$1 billion.

* Singapore-listed property company CapitaLand Ltd. established a 50/50 joint venture with an unnamed partner to buy about 70% of the Pufa Tower office property at 588 South Pudong Road in Shanghai's Lujiazui central business district for 2.75 billion yuan.

* Separately, Gaw Capital Partners is believed to have struck deals totaling an estimated 2.8 billion yuan for the purchase of four office buildings in the Shanghai's Minhang district.

* In Japan, multifamily-focused Comforia Residential REIT Inc. agreed to buy and lease eight apartment buildings and a boarding house in Tokyo for a combined consideration of ¥18.65 billion in separate deals with Tokyu Land Corp. and Godo Kaisha Residence 5.

* Japan Hotel REIT Investment Corp., meanwhile, signed a nearly ¥65.14 billion deal to acquire two hotel properties in the Japanese cities of Osaka and Tokyo.

* Another Japanese transaction during the week involved Mitsui Fudosan Logistics Park Inc., which is paying a total of roughly ¥53.13 billion for the purchase of a quasi co-ownership interest in six properties.

* Logos Property Pty. Ltd. completed a similar agreement with the Singaporean unit of Norwegian solar giant REC, paying S$585 million for a 25-hectare industrial site intended for a 151,810-square-meter integrated manufacturing and warehouse facility in the city-state.

Marketing matters

* Chinese conglomerate HNA Group Co. Ltd. is marketing a portfolio of eight hotel and other property projects to raise funds for debt reduction. The debt-laden company also closed the sale of its 90% stake in the 850 Third Avenue tower in Manhattan, N.Y.

* Oxley Holdings Ltd. is hoping to pocket S$950.0 million from the sale of two hotels in Singapore, which also saw the Realty Centre office building hitting the collective sale market with a guide price of S$165 million.

Emerging victorious

* LendLease Group was picked as the preferred developer for the £1.5 billion Birmingham Smithfield redevelopment project in Birmingham, U.K. The Australia-listed company also defeated Laing O'Rourke to secure the roughly £160 million contract for the redevelopment of the Town Hall and Albert Square in Manchester, U.K., which is expected to cost £330 million.

* A China Vanke Co. Ltd. subsidiary has gained control of the assets of bankrupt Chinese company Guangdong International Trust Investment Corp. after paying a total of 20.1 billion yuan as of Jan. 9. Vanke unit Guangzhou Wanxi Real Estate Co. Ltd. won the asset package, comprising 16 land parcels, in June 2017 via its roughly 55.1 billion yuan bid in a public auction.

* C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. secured the rights to an approximately 46,881.92-square-meter mixed-use site in the Yuhu area of China's Putian City after offering to pay 858.0 million yuan during an auction administered by Fujian Huaxing Auction House Co. Ltd.

The same subsidiary of the Hong Kong-listed developer and its partners also terminated an agreement for the roughly 900.0 million-yuan acquisition of an approximately 80,000-square-meter land parcel in Changsha, China.

Going public

* China-based property developer Helenbergh China is planning to launch in February the premarketing for its Hong Kong listing proposal, targeting between US$500 million and US$700 million for the IPO.

As of Jan. 10, US$1 was equivalent to ¥108.30, S$1.35 and 6.79 Chinese yuan.