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SoftBank plans US$16B WeWork investment; Blackstone strikes 2 deals Down Under

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week.

Big investors bearing large gifts

* SoftBank Group Corp. is planning a major US$16 billion investment in WeWork Cos. Inc. The capital injection that could take the coworking startup's valuation to about US$36 billion has raised concerns for the Japanese multinational holding conglomerate's investors, including the Public Investment Fund of Saudi Arabia and Abu Dhabi's Mubadala Investment Co., ahead of the agreement's anticipated announcement in early 2019.

* Hong Kong-headquartered private equity firm Gaw Capital Partners and China SCE Group Holdings Ltd. are jointly investing US$800 million in a long-term rental apartment platform in China. The established joint venture will target to have 10 billion yuan worth of assets under management by 2021.

* Greentown China Holdings Ltd. agreed to pay approximately 2.72 billion yuan for the acquisition of a roughly 11.55% stake in Aeon Life Insurance Co. Ltd. Chinese conglomerate Dalian Wanda Group Co. Ltd. is selling the interest in the insurance company, according to Insurance Asia News.

What to buy; what to sell

* Blackstone Group LP bought the 50% stake of the office building at 60 Margaret St. in Sydney from Hong Kong investment management firm PAG Investment Management for A$420 million. The property at the center of the transaction is co-owned by Mirvac Group, which opted not to purchase the divested interest even though it had pre-emptive rights to do so.

* Separately, the private equity giant sold its majority interest in the Figtree Grove Shopping Centre in the Wollongong town of the Australian state of New South Wales to a joint venture between SPH REIT and Moelis Australia Ltd. The Singapore-based listed real estate investment trust and Moelis Australia will pay A$175.1 million for the 85% stake.

* GIC Pte. Ltd. agreed to spend US$570 million for the acquisition of K-Eco Logis Co. Ltd.'s two distribution centers in Gyeonggi province of the Greater Seoul area. In a separate transaction, Singapore's sovereign wealth fund closed its €464.9 million deal with Unibail-Rodamco-Westfield for the purchase of the Tour Ariane office building in Paris.

* A joint venture between Taiwan-listed Millerful Number One Real Estate Investment Trust and an unnamed institutional investor bought the largest shopping center in Taiwan's Taoyuan district for about NT$13.8 billion.

Securing blessings

* Shareholders of Greenland Hong Kong Holdings Ltd. approved the proposed US$283 million divestment of the Chinese developer's Nanchang Shenyang Real Properties Ltd. subsidiary to Greenland Holdings Corp. Ltd.

* Similarly, Adamas Inc. PCL's board endorsed the company's plan to take over its fellow Bangkok-based real estate developer Asset Five Holding Co. Ltd. through the issuance of up to 752,836,413 new shares at an issue price of 1 baht apiece.

* Phileo Australia Ltd. intends to submit a formal application to be removed from the official list of the Australian stock exchange after the planned delisting was approved by a majority of the Melbourne-based real estate operator's shareholders during a Dec. 20 meeting.