* Property asset manager PGIM Real Estate raised US$447 million at an initial close of its PGIM Real Estate Asia Core fund, Property Fund World reported. The investment vehicle targets office, retail, industrial and residential sectors across key cities in Japan, Australia, Singapore, Hong Kong, South Korea and China. The fund has already invested in a US$290 million mixed-use portfolio of four seed assets in Tokyo, Seoul and Sydney.
Greater China
* China Evergrande Group is increasing discounts on property prices in China as it seeks to address debt repayment pressure, The Epoch Times reported. The company hopes to reduce the debt repayment pressure through its discount sales campaign, which involves over 500 residential projects.
* Electronic products maker China Sinostar Group Co. Ltd.'s unit, Benxi New World Industrial Co. Ltd., acquired Benxi Zhongfu Real Estate Development Co. Ltd. for a total of 20 million yuan, Finet HK reported.
* Private home prices in Hong Kong dropped 1.37% in August, marking a third consecutive monthly decline in values, Reuters reported, citing property agent Ricacorp. The anti-government protests and the ongoing U.S.-China trade war are some of the reasons behind the decline in property prices.
Japan
* U.S.-based Digital Realty Trust Inc. agreed to acquire additional land in Tokyo's Inzai data center cluster for the development of a data center facility. The acquisition is expected to close in the first quarter of 2020.
* Mitsui Fudosan Co. Ltd. has opened the COREDO Muromachi Terrace mixed-use property in the Nihonbashi Muromachi area of Tokyo, WWD Japan reported. The commercial property offers office space, retail units and dining.
* Japanese homebuilder First-Corp Inc. expects profit to decline in the fiscal year ending in May 2020. The company said it plans to further grow its property construction and redevelopment business, with a profit growth expected over the medium term, Zaikei Shimbun reported.
* Nomura Real Estate Development Co. Ltd. launched a new office brand called H1T, with its service to begin in October. The company entered into an alliance agreement that allows H1T members to use the co-working space of Tokyo Subway. Nomura is looking to open 15 offices in the medium-term, with plans to have 300 offices in the future, Jutaku Shimpo reported.
India
* Lodha Group intends to invest 25 billion rupees to develop three affordable housing projects in the Mumbai Metropolitan region, Press Trust of India reported, citing the company's managing director, Abhishek Lodha. The group will deliver a total of 8,800 units in three projects at Thane, Taloja and Bhiwandi.
* Goldman Sachs & Co. LLC invested 5 billion rupees into Ozone Group's Ozone Techno Park development project in Chennai, India, The Economic Times reported, citing sources familiar with the matter. The investment was made through Goldman Sachs (India) Finance Pvt. Ltd. and Goldman Sachs Investments (Mauritius) Ltd.
Australia
* A unit of Raffles Education Corp. Ltd. signed a deal to sell a six-story office building in Sydney's Parramatta suburb to Wentruth Pty. Ltd. for A$80 million, The Australian Financial Review reported. The building has a net lettable area of 9,619 square meters, and is leased to tenants including Education Centre of Australia, Swinburne University and the Parramatta Council.
Other real estate news
* Real estate-focused lender Altico Capital India Ltd. Ltd. is in talks with Apollo Global Management Inc. and Cerberus Capital Management LP, among other private equity funds, for a stake sale, Mint reported, citing two sources with knowledge of the matter. The company, which defaulted on interest payments in September, hopes to use the funds from the stake sale to repay lenders and complete its projects.
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