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Dexus fund closes initial fundraising; Indian housing fund reaps US$550M

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Dexus fund closes initial fundraising; Indian housing fund reaps US$550M

* DEXUS closed the initial round of equity fundraising for its Healthcare Wholesale Property Fund, with the next round scheduled for 2018. The fund is seeded with approximately A$370 million of assets and also features a "pipeline of high-quality opportunities" valued at about A$445 million.

* HDFC Capital Advisors Ltd. closed the first fundraising round for its second affordable housing fund, reaping US$550 million, Livemint reported. The company will combine HDFC Capital Affordable Real Estate Fund-2 with its first affordable housing fund to establish a US$1 billion platform.

Hong Kong

* Great Eagle Holdings Ltd.'s family trust, which was founded in 1984, was worth up to HK$8.6 billion in 2013, The (Hong Kong) Standard reported, citing a court hearing. Great Eagle's 33.48% owner HSBC International Trustee has been asked to provide records for the past 30 years to prove that it has followed the instructions of Lo To since 2016, in order to avoid the dismissal of the family trust.

* S&P Global Ratings affirmed and subsequently withdrew Yuexiu Property Co. Ltd.'s BB+ long-term corporate credit rating at the company's request.

* The Lands Department announced invitation for tenders for the roughly 1,972.9-square-meter Tsuen Wan Town Lot No. 428 at Ma Kok Street in New Territories in Hong Kong, with closing slated for Dec. 29.

* Separately, The Standard reported that the Buildings Department gave the go-ahead to 23 new projects in October, including seven each on Hong Kong Island and Kowloon, with the rest in the New Territories. The developments encompass a total gross floor area of 38,317 square meters and will offer 825 units for domestic use.

Australia

* Aveo Group Ltd. agreed to sell its Gasworks Plaza complex in Brisbane to AMP Capital for A$248.4 million.

* Asia Pacific Data Centre, or APDC, tapped agents from Savills (NSW) Pty. Ltd. and Cushman & Wakefield to launch a marketing program for its entire portfolio, which is estimated to fetch approximately A$300 million.

* Separately, NEXTDC Ltd., which holds a 29.2% stake in APDC, contested the latter's recent valuation of its three data centers at A$300 million.

* Aventus Retail Property Fund closed the sale of the Shepparton Home retail center in Victoria and agreed to sell its Tweed Hub retail asset in New South Wales for a total of A$60.1 million.

* Melbourne Greens councilor Rohan Leppert questioned the Victorian Government's decision to allow Apple Inc. to acquire the three-story Yarra Building in Federation Square for its flagship store, asking as to why a public consultation period was bypassed, The Australian Associated Press reported.

"Federation Square ... it's Melbourne's premier civic and cultural space in the city. So to give that over to a commercial use, and a great big commercial Apple-branded building, is beyond me," Leppert said.

* A study by CoreLogic showed that home prices in Sydney's certain northern and western suburbs have been increasing faster over the last five years than anywhere else in Australia, with St. Leonards logging the steepest rise in median value, with prices for detached houses ballooning 207% since 2012 to A$2.4 million, The Australian reported.

Southeast Asia

* LOGOS bought an industrial property at 21 Tuas W. Dr. in Singapore, with a view to redevelop the property into a modern food processing and logistics facility for an aggregate estimated development cost of S$79 million.

* Protasco Bhd will build a 442.6 million-Malaysian-ringgit, 1,681-unit apartment project in Putrajaya, Malaysia, in a joint venture with Kop Mantap Bhd., New Straits Times reported.

* Still in Malaysia, Kwasa Land Sdn Bhd tapped TSR Capital Bhd as partner to develop a 260-unit residential development on a 6.52-acre land parcel in Kwasa Damansara Township with a gross development value of 295 million ringgit, New Straits Times reported.

* 8990 Holdings Inc. expects to generate 21 billion Philippine pesos in sales from its 13-tower Urban Deca Homes Manila project, The Manila Times reported.

* Moody's placed Lippo Malls Indonesia Retail Trust's Baa3 issuer rating on review for downgrade, citing the deteriorating credit quality of key entities within the group.

* Savills research and consultancy head Anton Sitorus forecast that the demand for office space in Jakarta's Central Business District will almost triple in 2018, but the vacancy rate will increase to 26% from 21% in 2017, The Jakarta Post reported.

Japan

* GIC Private Ltd., a state-owned investment company, acquired about 43% stake in the office building Shinjuku Maynds Tower at New South Exit of Shinjuku Station, from Daiwa Office Investment Corp. at a price of ¥62.5 billion, Media Japan Pte. Ltd. reported.

South Korea

* South Korea had 683 hotels in 2012 with 74,737 rooms, compared to 971 hotels in 2016 with 109,880 rooms, The Chosun Ilbo reported, citing the Ministry of Culture, Sports and Tourism. According to the report, despite the 40% rise in room availability over the past five years, most of the hotels have very low occupancy, mainly due to the North Korean threat, Chinese boycott and "fatal miscalculations."

Other real estate news

* Millennium & Copthorne Hotels Plc's shareholders have until Jan. 23, 2018, to accept City Developments Ltd.'s £6.20-per-share final buyout offer for Millennium.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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.

Editor's Note: The next edition of The Daily Dose Asia Pacific, Real Estate will be published Dec. 27 in observance of the Christmas holiday.

Rollen Catorce and John Chan contributed to this report.

As of Dec. 21, US$1 was equivalent to 4.08 Malaysian ringgit, ¥113.42, S$1.34 and 50.17 Philippine pesos.