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Chinese hotel group upsizes NYSE IPO; Centuria, Mirae target Blackstone assets

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Chinese hotel group upsizes NYSE IPO; Centuria, Mirae target Blackstone assets

* Shanghai-based GreenTree Hospitality Group Ltd. is now seeking up to US$401.6 million in gross proceeds from its proposed IPO on the NYSE, after the size of the offering was lifted to 22,310,000 class A ordinary shares. Each share is expected to be priced between US$16.00 and US$18.00.

* South Korean fund Mirae Asset Global Investments is nearing a deal to purchase for approximately £240 million the Cannon Bridge House office block in the City of London from Blackstone Group LP.

* In Australia, Centuria Capital Group and Western Australian funds manager Primewest are competing for Blackstone's office property at 80 Grenfell St. in Adelaide, which is up for sale with price expectations close to A$200 million, The Australian reported.

The asset is one of three Australian office buildings that the U.S. private-equity giant signaled in August 2017 that it would divest to reap at least A$500 million.

Hong Kong and China

* A C&D International Investment Group Ltd. subsidiary struck a deal with an affiliate of its parent's controlling shareholder for the roughly 80.0 million-yuan purchase of a 40% stake in Nanjing Jiayang Property Development Co. Ltd., which owns an approximately 73,276.86-square-meter urban residential site in Nanjing, China.

As part of the deal, the buyer will also repay the target company's nearly 298.0 million-yuan debt to the vendor, according to a filing.

* China Resources Land Ltd. spent nearly 12.30 billion yuan for the acquisition of four land parcels in China, with a combined gross floor area of approximately 1,538,814 square meters.

* Country Garden Holdings Co. Ltd. launched an offering of 950.0 million yuan in 5.8% senior notes due March 12, 2021, to refinance outstanding debt and for general business purposes.

* A syndicate of four banks agreed to provide China SCE Property Holdings Ltd. with a dual-tranche term loan facility for the refinancing of its existing debt and other general corporate expenditures. The facility's first tranche amounts to an estimated HK$3.17 billion, while the second tranche is worth about US$9.0 million.

* The upcoming same-date results announcements of Hong Kong tycoon Li Ka-shing's four biggest companies — CK Hutchison Holdings Ltd., CK Asset Holdings Ltd., CK Infrastructure Holdings Ltd. and Power Assets Holdings Ltd. — is attracting attention due to suspicions that Li might reveal his retirement plans the same day, Bloomberg Technology reported.

Australia

* Sydney Metro shortlisted Lendlease Corp. Ltd., Dexus and a joint venture between Charter Hall Group and John Holland Group Pty. Ltd. for the contract to develop a 40-story commercial tower above a planned train station. The Australian reported that the winner would also construct the train station, which will have gross floor area of 60,000 square meters and parking space for 160 cars.

* Three of Mirvac Group's planned residential communities are getting a A$90 million funding boost, following the listed developer's signing of an agreement with the Clean Energy Finance Corp. Under the deal, Mirvac will incorporate clean energy initiatives into the projects that benefit from the financial support.

* Property development company Lotus Living rejected a A$500 million bid for its 482-hectare Jubilee Estate in Melbourne's Wyndham Vale suburb, as it is below its more than A$600 million expectation for the site, which is being developed into a A$3 billion housing project, the AFR reported.

* The owners of 22 houses in a 6,710-square-meter site in the Chatswood district of Sydney are collectively selling their properties for up to A$140 million, or about A$6 million per house, according to an AFR report.

Singapore

* RCS Trust, a special-purpose sub-trust jointly owned by CapitaLand Commercial Trust and CapitaLand Mall Trust, issued S$275.0 million of fixed-rate notes due on or about March 14, 2025, under its US$2.00 billion euro medium-term note program. Proceeds from the offering are earmarked for the group's debt refinancing and asset enhancement initiatives, as well as for other capital expenditures.

* Frasers Hospitality Real Estate Investment Trust, a component of the hotel-focused Frasers Hospitality Trust, partially prepaid a S$65 million loan obtained from the S$500 million five-year loan shelf that it established June 19, 2014, pursuant to a S$615 million facility agreement.

The partial repayment was funded through a S$70 million term loan facility that the REIT's trustee obtained from the Singapore branch of Malayan Banking Bhd. earlier in March.

Japan

* Invesco Office J-REIT Inc. is divesting its Sendai Honcho Building property to an undisclosed seller for ¥6.13 billion under a two-part transaction occurring April 18 and May 17. In a separate deal, the office-focused REIT agreed to pay Godo Kaisha KRF70 ¥3.50 billion for the IBF Planning Building, which is expected to be delivered May 18.

Thailand

* Ticon Industrial Connection PCL wrapped up its 5 billion-baht issuance of unsubordinated and unsecured debentures in three series.

Other real estate news

* Peabody's search for a partner on its £4 billion Thamesmead Waterfront mixed-use development in South London is down to two: Australian construction giant Lendlease and U.K.-based Morgan Sindall Group Plc.

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. Articles and links are correct as of publication time.

Cam Nones contributed to this report.

As of March 14, US$1 was equivalent to 6.32 yuan, ¥106.17, S$1.31 and 31.13 baht.