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ISS backs Blackstone's Investa bid; PAG fund eyes US$2B; CK Asset wins tender

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ISS backs Blackstone's Investa bid; PAG fund eyes US$2B; CK Asset wins tender

* Proxy adviser Institutional Shareholder Services urged unit holders of Investa Office Fund to vote in favor of Blackstone Group LP's A$3.14 billion takeover offer when they meet Aug. 21 to vote on the proposal, The Australian Financial Review reported.

In a recently released report, ISS pointed out that payment would be immediate upon the acceptance of the private equity giant's A$5.1485-per-share all-cash offer, which was deemed "good enough" in the absence of a superior proposal.

* PAG is aiming to raise US$2 billion in what could be its largest pan-Asia commingled fundraising effort to date. The Hong Kong-based investment manager so far has reportedly attracted approximately US$1 billion.

* CK Asset Holdings Ltd. trumped four other bids to secure the HK$37.65 billion tender for Hong Kong's most expensive railway development project. The developer outbid contenders, including Sun Hung Kai Properties Ltd. and Henderson Land Development Co. Ltd., to secure the development site next to MTR Corp. Ltd.'s Wong Chuk Hang metro station.

Hong Kong and China

* Swire Properties Ltd.'s profit attributable to shareholders amounted to HK$21.20 billion in the first half of 2018, up 43.6% from the HK$14.76 billion recorded in the prior-year period. During the period, the developer's operating profit also rose 37.2% to HK$21.31 billion from HK$15.54 billion.

Meanwhile, Swire Pacific Ltd.'s profit attributable to shareholders also grew to HK$13.50 billion from HK$12.14 billion a year earlier during the reporting period. Swire Properties' parent also saw a 6.1% year-on-year increase in its six-month operating profit to HK$18.70 billion from HK$17.63 billion.

* Hong Kong-listed developers Guangzhou R&F Properties Co. Ltd., Redco Properties Group Ltd. and Agile Group Holdings Ltd. released optimistic forecasts for their respective earnings results for the six-month period ended June 30.

Guangzhou R&F is expecting a more than 55% year-over-year gain in its consolidated profit for the reporting period, while Redco Properties is anticipating at least 50% growth in its consolidated net profit attributable to the owner. Agile Group forecast a year-on-year hike of more than 90% in its profit attributable to shareholders of the company.

* China Overseas Land & Investment Ltd. sold approximately 1,193,200 square meters of properties in July to log nearly HK$23.05 billion of sales. During the same month, the company agreed to pay an estimated 7.74 billion yuan for the acquisition of six land parcels across China with an aggregate attributable gross floor area of about 765,297.06 square meters.

* A subsidiary of China Oceanwide Holdings Ltd. obtained a US$215.0 million term loan facility from Global Max Opportunity IV Ltd. The borrowed amount will be used to repay existing shareholder loans owed to Oceanwide Holdings Co. Ltd., among other purposes, according to a filing.

* Donald Cheung, executive director of Emperor International Holdings Ltd., was cited by The (Hong Kong) Standard as saying that recent increases in mortgage rates will not have a major impact on the property market unless they are hiked "five or six times."

Australia

* Centuria Industrial REIT off-loaded its entire 7.7% stake in Propertylink at a price of A$1.01 per stapled security, realizing A$46.3 million in the transaction. Proceeds from the sale will be used to settle the acquisition of the 616 Boundary Road property in Richlands, Queensland, for A$15.9 million, according to a release.

* Brookfield Asset Management Inc. is looking to launch an Australian core office fund that will be seeded with A$1.4 billion of high-profile office projects across the country. The Canadian company reportedly committed A$145 million to the fund, which is being marketed to offshore investors.

* James Packer's Crown Resorts and Lendlease Corp. Ltd. are teaming up to prevent the New South Wales government's Barangaroo ­Development Authority from approving the A$5 billion Central Barangaroo integrated development in Sydney, The Australian reported.

The pair is complaining that if pursued, the mixed-use project undertaken by Grocon Pty. Ltd., Scentre Group and Aqualand would block views from Crown's planned A$2.2 billion tower and Lendlease's apartment tower in the city.

* Riverlee's proposed A$450 million hotel and apartment development in Melbourne's central business district is moving ahead after securing planning approval, the AFR reported. The proposed Seafarers Place project will include a 280-room hotel, 150 apartments, a 1000-seat function center and a 3,500-square-meter public park, among other features.

Japan

* Sumitomo Realty & Development Co. Ltd.'s profit attributable to the owners of its parent grew 13.6% to about ¥48.62 billion in the company's fiscal first quarter ended June 30 from the ¥42.80 billion logged a year prior. EPS during the reporting period also jumped to ¥102.58 from ¥90.31.

Sumitomo Realty also plans to start in January 2019 the development of a 165-meter-tall condominium asset on an approximately 5,600-square-meter site in Sakaisuji-Hommachi, Osaka, Construction News reported. The project is slated to be completed at the end of January 2022.

India

* The majority of investment in India's real estate sector during the first half of the year went to the IT and commercial sectors, The Economic Times of India reported, citing a recent JLL report. Nearly US$2.00 billion of the total US$3.62 billion of investment in real estate went to those sectors, according to the report.

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 and John Chan contributed to this report.