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Mitsubishi Estate profit up; Blackstone to sell A$150M site; A-Living IPO priced

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Mitsubishi Estate profit up; Blackstone to sell A$150M site; A-Living IPO priced

* Mitsubishi Estate Co. Ltd.'s attributable profit in the fiscal third quarter ended Dec. 31, 2017, fell 5% to ¥84.95 billion from the ¥89.38 billion recorded in the year-ago period.

For the full fiscal year ending March 31, the Japanese real estate developer is expecting its attributable profit to grow 9.1% year over year to ¥112.00 billion from ¥102.68 billion, while EPS is projected to reach ¥80.70, an increase from the ¥74.00 per share logged in the prior year.

* Blackstone Group LP tapped JLL and Colliers International to help market a A$150 million site in Brisbane, Australia, The Australian reported.

The U.S.-based private equity giant, through its 151 Property Core Plus Management subsidiary, secured the approval to develop one of the tallest residential towers in the city, the 81-story No. 1 Brisbane George Street building, which upon completion would feature 534 units across 77 levels, a four-story retail podium and 12 levels of car parking spaces.

* A-Living Services Co. Ltd. priced its Hong Kong IPO at HK$12.30 per share, with hopes of raising nearly HK$3.92 billion. The pricing statement confirms an earlier report that the IPO price was set below the midpoint of the HK$10.80 per share to HK$14.20 per share indicative price range despite oversubscriptions.

Hong Kong and China

* East Run Investments Ltd., an indirect subsidiary of Wang On Properties Ltd., entered into a HK$350.0 million deal with Wai Yuen Tong Medicine Holdings Ltd. subsidiary Guidepost Investments Ltd. for the sale of four commercial properties in Hong Kong that was originally purchased by the seller for a combined HK$326.0 million.

* Two wholly owned Landsea Green Properties Co. Ltd. subsidiaries agreed to buy all the interests that the group does not already own in Silver Knight Global Ltd. as part of deals worth 10,000 yuan and 221.0 million yuan, respectively.

Silver Knight, a joint venture of Landsea Green, is the owner of a 13,433-square-meter site in Shanghai's Changning district that comprises 40 unsold residential units, car parks and public facilities.

* C&D International Investment Group Ltd., through its Xiamen Yi Yue Property Co. Ltd. subsidiary, is contributing 300.0 million yuan to a 50/50 joint venture that it agreed to establish with Beijing Shoukai Stock Co. Ltd. for the development of a roughly 111,443.78-square-meter mixed-use site in Fuzhou, China. The joint venture will have an initial registered capital of 600.0 million yuan, according to a filing.

* Country Garden Holdings Co. Ltd.'s contracted sales for January amounted to roughly 69.16 billion yuan, higher compared to the 48.60 billion yuan that it reported for the same month in 2017. The diversified real estate developer also said it contracted an estimated 7.6 million square meters of properties during the reporting month.

* Poly Property Group Co. Ltd.'s Polymac Property Co. Ltd. subsidiary obtained a HK$4.00 billion loan facility. The validity of the 24-month term loan facility is conditional on China Poly Group Corp. being the single largest shareholder of Poly Property.

* Chinese real estate company Tahoe Group Co. Ltd. is planning to issue up to 1.7 billion yuan of asset-backed securities as one of its subsidiaries is buying a 70% stake in a real estate company under a 785.5 million-yuan agreement, Reuters reported.

Australia

* GPT Group's GPT Wholesale Shopping Centre Fund is looking to sell the 54,600-square-meter Wollongong Central mall in the Illawarra region of New South Wales with a A$500 million price tag, The Australian Financial Review reported.

The mall, which lists David Jones, H&M, Mecca Maxima, Target and Coles among its tenants, was relaunched in October 2017 after undergoing a A$68 million refurbishment. According to the report, Colliers International will oversee the expressions of interest process for the property, which is scheduled to commence in March.

* In a separate deal, GPT is buying a four-building logistics holding property spanning 52,804 square meters, The Australian reported. The asset in the Melbourne suburb of Sunshine is being bought from the Taylor family for A$74 million.

* Chinese-backed developer Golden Age Group Pty. Ltd. submitted an application for the development of a A$350 million mixed-use and residential building in Melbourne's Box Hill suburb, The Australian reported. The development for an 18-story building will be adjacent to the 36-story Sky One tower that is also being developed by Golden Age.

Japan

* Invincible Investment Corp. closed a deal to buy four Japanese hospitality assets from affiliates of Fortress Investment Group LLC for an estimated ¥12.43 billion total consideration.

* Private real estate investment trust CRE Logistics REIT bought four real estate properties for ¥28.26 billion ahead of its expected debut on the Tokyo stock exchange.

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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.

Rollen Catorce contributed to this report.

As of Feb. 7, US$1 was equivalent to 6.27 yuan and ¥109.51.