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Busy week for Japanese property purchases; Mapletree buys A$142M portfolio

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* Industrial & Infrastructure Fund Investment Corp.'s asset manager closed the purchase of a warehouse it will name the IIF Hamura Logistics Center on Dec. 22, acquiring the asset with cash on hand from a domestic company. The property, which the company bought for ¥820 million, does not have a registered name and was valued at ¥864 million as of Dec. 1.

The property is fully let to Coca-Cola East Japan Co. Ltd. until 2024 and has a total leasable area of 3,893 square meters.

* The asset manager of Daiwa Office Investment Corp. acquired on Dec. 21 a real estate trust beneficiary interest in the Shin Kanda Mikuracho Building in the Tokyo district of Chiyoda-ku for ¥1.59 billion, a price that excludes associated purchase costs and consumption tax. OH Real Estate Management Co. Ltd. was the seller of the building.

The office building has a total floor area of 2,168 square meters and a total leasable floor space of 1,732 square meters. It has an occupancy rate of 43.4% and is leased to three tenants.

* Hulic Reit Inc. will acquire the Hulic Todoroki Building located in the Setagaya-ku district of Tokyo for an estimated ¥1.20 billion on Dec. 27 from Hulic Co. Ltd. The REIT will finance the acquisition with cash on hand and borrowings and is buying the asset in order to improve its portfolio.

The building is a five-floor retail facility, with two basement levels. The 1,594-square-meter retail asset is fully let to eight tenants.

* Nomura Real Estate Master Fund, through its asset management subsidiary, will sell two properties next year. The first is the NOF Technoport Kamata Center office building in Ota-ku, Tokyo, which the fund will transfer to an undisclosed buyer for ¥5.02 billion on March 31, 2017. The second is the Ito-Yokado Higashi-Narashino retail store in Chiba that it will sell to Nomura Real Estate Development Co. Ltd. at a price of ¥664.0 million.

These asset disposals are being planned as a part of the fund's strategic property replacement program, with a total of ¥50.00 billion worth of properties targeted to be replaced in the next three to five years.

* MCUBS MidCity Investment Corp.'s asset management unit will acquire a trust beneficiary interest in the Sendai Capital Tower located in Miyagi for a planned price of ¥5.50 billion on Feb. 1, 2017. The building has a total floor area of 23,702 square meters and is 96.2% occupied by 84 tenants.

* Premier Investment Corp. purchased for ¥4.60 billion the Urban Ace Higobashi Building in Osaka City from NTT Urban Development Corp., with the aim of securing more stable earnings for itself, following the recovery of the rental market in the city. The building has a total leasable space of 8,393 square meters and is fully let.

As a part of the deal, the company also transferred its real estate trust beneficiary interest in the Tradepia Yodoyabashi land plot in the Chuo Ward district of Osaka City to NTT Urban Development for a price of ¥6.70 billion.


* Generation Healthcare REIT entered into an unconditional sale contract with an undisclosed buyer to off-load the Leading Healthcare building at 84 Mollison St., located in the city of Bendigo in Victoria. The REIT determined the building a "noncore asset" and expects to receive total net proceeds of A$11.4 million for the sale, reflecting a 9% premium over the June 30 evaluation conducted on the building.

* Mapletree Logistics Trust acquired a portfolio of four logistics facilities in Victoria at a price of A$142.2 million from Growthpoint Properties Australia Ltd. The group said the purchase was made following their investment objective to deliver regular and stable distributions to their unit holders.

The properties have a total gross floor area of 103,517 square meters on a combined land area of 362,230 square meters and are fully leased to a number of Australian and multinational companies.


* Cache LogisticsTrust has plans to sell the Cache Changi Districentre 3 at 6 Changi North Way for S$25.5 million, a price in line with a valuation done by CBRE Pte. Ltd. on Nov. 30. The proposed buyer of the facility is Agility International Logistics Pte. Ltd., who is leasing space within the property. The asset sale is part of Cache's strategy of optimizing return through proactive asset management.

The approximately 177,000-square-foot warehouse has a remaining land lease of about 17 years.

* Sabana Shari'ah Compliant Industrial REIT is planning to buy a property located at 47 Changi South Ave. 2 from Vibrant Group Ltd. The acquisition will involve a four-story light industrial building located within the Changi South Industrial Estate with a gross floor area of about 91,573 square feet. Savills and Knight Frank both valued the property at S$23 million as of Dec. 9.

Following the sale close, Vibrant will lease back 74% of the gross floor area for a 10-year term and provide rental income support to Sabana for the first three years. The building is a leasehold estate of JTC Corp. with a remaining tenure of approximately 40 years.


* Singapore-incorporated Yanlord Land Group Ltd.'s subsidiary Nanjing Yanlord Real Estate Co. Ltd. sold a unit at the Nanjing Yanlord Yangtze Riverbay Town (Phase 4) development. The unit was purchased by the sister-in-law of the group's chairman and CEO for 9.6 million Chinese yuan. The group's audit committee and board of directors carried out a review of the sale and approved the transaction after determining its terms to be "fair and reasonable."

Additional coverage

Greenland Hong Kong wins Wuxi Metro land plot auction with 2.27B yuan bid: The company beat four other competitors in the auction, including China Vanke.

Denco Properties wins tender for Hong Kong site with HK$5.41B land premium: Hong Kong's Lands Department awarded Denco Properties the tender for a site at Kai Tak in Kowloon, over bids from subsidiaries of several property majors.

Link REIT strikes HK$3.64B deals for sale of 5 Hong Kong properties: The total consideration is higher than the total appraised value of the properties by 29%, as of September.

Report: GPT fund buys stake in Brisbane office tower for A$284.2M: With this purchase, GPT Wholesale Office Fund increased its stake in the One One One Eagle Street property in Brisbane, Australia, to two-thirds of the property, The Australian Financial Review reported.