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Mindspace REIT's India IPO seeks up to 10B rupees; China land auction draws bids

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Mindspace REIT's India IPO seeks up to 10B rupees; China land auction draws bids

* Mindspace Business Parks REIT, backed by K Raheja Corp. Pvt. Ltd and The Blackstone Group Inc., filed a draft prospectus for an initial public offering, seeking to raise up to 10 billion Indian rupees. The trust's portfolio has a total leasable area of 29.5 million square feet in four Indian cities, and had a total market value of 228.12 billion rupees as of end-June 2019.

* A consortium between China Jinmao Holdings Group Ltd. and Agile Group Holdings Ltd. placed a winning bid of 1.9 billion yuan for a 63,132-square-meter residential site in Nanjing city in China, Guandian reported. In the same auction on Dec. 31, Fantasia Holdings Group Co Ltd paid 841 million yuan for a 20,294-square-meter residential plot in Nanjing, while Longfor Group Holdings Ltd. won the bid for a smaller residential site in the same city for 494 million yuan.

Greater China

* CapitaLand Ltd. acquired an additional 34.94% stake, or 76,093,420 ordinary shares, in LFIE Holding Ltd for 684.1 million yuan. LFIE, which is now 79.92%-owned by CapitaLand, owns a residential project under development in the Chinese city of Guangzhou.

* Country Garden Holdings Co. Ltd. bought an 85,100-square-meter site in Kunshan city, China, for 1.42 billion yuan, higher than the reserve price of 1.37 billion yuan, China Internet Information Center reported. The plot is for residential purpose and has a gross floor area of 195,800 square meters.

* Greentown China Holdings Ltd. said CFO Simon Fung resigned for personal development reasons, effective Jan. 1.

* The city government of Guangzhou in southern China introduced a new regulation requiring developers to set aside at least 10% of newly built apartments for young workers and low-income families, according to a government notice Dec. 31. These apartments must be at least 30% of the total site area of a property development if it is located in the city center.

Singapore

* Yanlord Land Group Ltd. again extended the deadline for its S$1.72 billion takeover offer for United Engineers Ltd. to Jan. 20 from Dec. 30, 2019. Yanlord Investment (Singapore) Pte. Ltd. acquired roughly 91.43% of United Engineers' total ordinary shares and about 99.16% of its total preference shares as of Dec. 27, 2019.

* Ascott Residence Trust has completed the acquisition of Ascendas Hospitality Trust. Ascendas Hospitality will be delisted from the Singapore stock exchange Jan. 3. The combination of the two CapitaLand Group-member companies is expected to create the largest hospitality trust in Asia-Pacific with an asset value of S$7.6 billion.

India

* Embassy Office Parks REIT's manager will buy an office block in Bengaluru from Embassy Property Developments Pvt. Ltd. for 7.4 billion rupees, with a 9.25% initial yield on development completion in the fourth quarter of 2023. The M3 Block B property has 600,000 square feet of leasable office area and is located within the Embassy Manyata campus.

* Apollo Global Management LLC and Varde Partners LP pulled out from the bidding race for Altico Capital India Ltd. after refusing to inject up to 20 billion rupees of fresh equity as per creditors' demand, Bloomberg News reported, citing people familiar with the matter. The withdrawal leaves Cerberus Capital Management LP, SSG Capital Management and Kotak Investment Advisors Ltd. in the race for the real estate-focused nonbank finance company.

Aries Poon contributed to this 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.