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CapitaLand JV closes S$400M PGIM deal; OUE grows Gemdale Properties stake

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CapitaLand JV closes S$400M PGIM deal; OUE grows Gemdale Properties stake

* CapitaLand Ltd. and City Developments Ltd. completed their joint S$400 million purchase of the Liang Court mall in Singapore, The (Singapore) Business Times reported. The 50/50 joint venture between the listed real estate developers bought the property from an entity affiliated with PGIM Real Estate under a put-and-call option signed in March.

* Singapore-listed property developer OUE Ltd. boosted its shareholding in Gemdale Properties and Investment Corp. Ltd. to roughly 21.8% from about 14.8% through its Beacon Ltd. subsidiary's acquisition of an approximately 7.0% stake in the Chinese real estate company for 88 Hong Kong cents per share.

Hong Kong and China

* The respective aggregate contracted sales of Jiayuan International Group Ltd. and Beijing Capital Land Ltd. for the first five months of 2019 increased by about 30% to roughly 6.27 billion yuan and by 57.2% to approximately 24.82 billion yuan.

* China Life Insurance Co. Ltd. opened a 39-story office tower that it co-developed with Sino-Ocean Group Holding Ltd. in Beijing, Mingtiandi reported. The China Life Financial Center, which provides a total gross floor area of 162,000 square meters, will be anchored by multinational accounting firm Deloitte and Japanese camera manufacturer Canon.

* C C Land Holdings Ltd. intends to issue US$250.0 million of 6.35% notes due June 6, 2022. The Hong Kong-listed property company plans to use the net proceeds from the offering as general working capital of the group.

* Fullsun International Holdings Group Co. Ltd. launched in May 79 units at its La Salle residential development in Hong Kong's Ho Man Tin area, Metro Daily reported. The size of each unit in the project ranges from 300 square feet to 400 square feet.

* Hong Kong's Lands Department will launch June 6 the public tender for an approximately 16,385-square-meter development site in the Kai Tak area of Kowloon in the special administrative region. The property that will remain on offer until July 19 can be used for private residential purposes and government accommodation like an elderly care facility or a child-care center.

Japan

* Invesco Office J-REIT Inc. resolved to borrow short- and long-term loans totaling ¥20.98 billion from a syndicate of lenders to repay outstanding loans. The real estate investment trust is expected to procure the targeted amount on June 6.

* Japan Retail Fund Investment Corp. extended the maturity date of its up to ¥10 billion commitment line agreement with Sumitomo Mitsui Banking Corp. to May 31, 2021, from May 31, 2020.

Australia

* Chinese investor Michael Xie nominated Runjiang Investment Group to become the sole owner of the office building at 509 St Kilda Rd. in Melbourne for a A$163 million consideration, The Australian Financial Review reported. The investor was reported in November 2018 to have acquired the LendLease Group-developed building from property tycoon John Beville under a CBRE Group Inc.-brokered deal struck on a fully leased 4.96% yield.

Other real estate news

* VEREIT Inc. established an 80/20 joint venture with Korea Investment & Securities Co. Ltd. for an approximately US$407.0 million industrial portfolio, comprising six fully leased properties in five U.S. states. The assets will be the seed portfolio of a new Korean Investment industrial fund.

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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. Links are current as of publication time, and we are not responsible if those links are unavailable later.