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Far East Consortium inks MOU for Australian projects; Nippon Accommodations closes ¥2.7B acquisition

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Far East Consortium inks MOU for Australian projects; Nippon Accommodations closes ¥2.7B acquisition

This feature rounds up recentproperty news from S&P Global Market Intelligence's covered companies and highlightslarger deal coverage already published.

AUSTRALIA

* said April 7 that itsAustralian arm inked two memorandums of understanding with its Queen's Wharf Brisbanedevelopment partners,Hong Kong-based Chow Tai Fook Enterprises Ltd. and The Star Entertainment GroupLtd., for the development of two 200-meter hotel and apartment towers, located atThe Star's Jupiters Integrated Resortin Gold Coast and at The Star in Sydney.

* 's FrasersProperty Australia saidApril 5 that it sold a fully let office property at 658 Church St. in Richmond,Melbourne, for A$45.5 million to Blackrock Asset Management following a competitiveexpression of interest campaign. The news release quoted Blackrock's director, HamishMacDonald, that the price reflects an initial yield of approximately 7.15%.

* is lookingto make a foray into the Northern Territory with an agreement to acquire a self-storagecenter in Darwin for approximately A$10.8 million, according to an April 5 . The asset comprisestwo facilities with more than 600 units across 5,800 square meters of net lettablearea, as well as potential for future growth. The transaction is expected to completein April, subject to conditions. Funding will be provided by the REIT's debt facility,which was increased by nearly A$100 million to A$294 million by club banks, thenews release said.

* Centuriaand BlackRock are tipped to be in the lead to acquire DEXUS Property Group and GPT Wholesale Office Fund's A$280million The Zenith office complex in Sydney's north shore, the Australian Financial Review reportedApril 5, citing unnamed sources.

The Zenithcomprises two 21-floor towers. In October 2015, its owners were said to have receivedan approximately A$285 million offer from Cromwell Property Group for the complexthat has a net lettable area of 44,389 square meters, according to a previous .

JAPAN

* April 7 that it completed theacquisition of Park AxisMagome Residence in Ota-ku, Tokyo, and Park Axis Higashi Ueno in Taito-ku, Tokyo,from Mitsui Fudosan Residential Co. Ltd. for a combined price of ¥2.7 billion.

Ichigo Shibuya Dogenzaka Building in Shibuya, Tokyo.

Source: Ichigo Office REIT Investment Corp.

* said April 5 that itsold the Ichigo Saga Buildingin Saga prefecture and Ichigo YokohamaNishiguchi Building in Yokohama, reducing its properties to 74 assets.As of March 31, the company's portfolio had a leasable area and leased area of 219,400square meters and 212,000 square meters, respectively.

The companysaid it is currently focusing on leasing the Ichigo Shibuya Dogenzaka Building inShibuya, Tokyo.

* Singapore-listedSaizen Real Estate Investment Trustsaid April 1 that itadjusted the purchase consideration for the disposalof its entire real estate portfolio in Japan, due to an increase in finance costsand tax-related adjustments.

ADDITIONAL COVERAGE

:The company accepted the bids from two buyers of the Shek Yam Property and Wan TauTong Property in Hong Kong.

: The duo is believed to be offering to buy all fourmalls in the portfolio that was put up for sale in February, The Australian Financial Review reported,citing unnamed sources.

: The company and partner ISPT are set to commence redevelopmentand expansion work on a mall in Western Australia.

: Evergrande is buying four projects in the mainland city ofHarbin from troubled developer Renhe Commercial, reportedly making it the biggest-everreal estate acquisition in Northeastern China, according to DBW.cn.

: The company also commenced work on the second stage ofGoodman Business Park.

: The company is seeking to win over China's Ping An Insuranceas a capital partner for its development project in Circular Quay, Sydney, The Australian reported.

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