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SM Prime plans bond issuances to fund growth; Cromwell might spoil chances of DEXUS-IOF merger


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SM Prime plans bond issuances to fund growth; Cromwell might spoil chances of DEXUS-IOF merger

* seeks to raiseup to 70 billion Philippine pesos by issuing bonds within a three-year period,Manila's BusinessWorld reported,citing SM Prime Executive Vice President Jeffrey Lim.

Thecompany intends to use the bond issuance to support its expansion plans, whichwill require 180 billion pesos over three years, according to Lim. It plans toissue the first tranche of the notes worth up to 10 billion pesos toward thethird quarter of 2016, he added. SM Prime allotted in capital expenses for2016, with more than half of that to be used for mall expansion projects, aspreviously reported.

* 's purchase ofa 9.83% stake inInvesta Office Fund,or IOF, further complicated DEXUSProperty Group's proposed merger with the listed fund.

IOF's responsible entity said itis not aware of Cromwell's intentions. Meanwhile, a separate filing notedthat CBRE Clarion, the reported seller of the stake, has ceased to be asubstantial shareholder of the company.

ACLSA analysis showed that around 19.5% of IOF unit holders are expected to voteagainst DEXUS' A$2.5 billion takeover bid at the scheduled April 15 meeting, The Australian Financial Review reported.DEXUS needs a 75% approval for the transaction to move forward.

* Hotel Lotte's plannedlisting in South Korea in the summer of 2016 will not only support its offshoreexpansion plans, but also revamp the Lotte Group conglomerate's corporategovernance structure, according to ChoiMin-a, an analyst with Korea Investment & Securities.

Thecompany's plan to go public in South Korea is already expected to be thelargest IPO in the country, with an estimated value of up to US$5 billion.

* Hong Kong property developerHip Shing Hong (Holdings) Co. Ltd. is on the hunt for development opportunitiesin the senior citizen market within the Asia-Pacific region, the South China Morning Post reported,citing Hip Shing Hong Managing Director David Fong Man-hung.Although the company is among Hong Kong's oldest real estate developers, it hasto find ways to continue being "relevant to the market" with the helpof technology as one survival tool, Fong said.

Foundedin 1948, Hip Shing Hong's diversified portfolio comprises commercial,residential, industrial, retail, hotel and serviced apartment properties,according to its website.


* South African companies,especially Redefine PropertiesLtd. and GrowthpointProperties Ltd., are acting as the forces behind some of the recentM&A transactions in the country as part of their push to become global realestate players, The Australian reported.

Forinstance, Cromwell was able to fund its recent stake purchase in IOF withRedefine's support, while Growthpoint's backing for allowed the latter to expand into a A$2.6 billion trust and field a of .

* Malaysian company is tipped to beone of the leading bidders for the acquisition of Telstra's A$100 milliondevelopment site in Melbourne's central business district, the AFR reported.Seven companies entered into the second stage of bidding for the4,000-square-meter property.

* 's on-market sale campaignfor the Port AdelaideDistribution Centre in South Australia is valued at more than A$100million, the AFR reported.The 32-hectare site spans 167,500 square meters of gross lettable area.

* Australia's housing marketappeared more unstable as February median home prices fell 6% year over year instate capital cities, Bloomberg News reported,citing CoreLogic and Housing Industry Association data.


* plans tohold an annual general meeting on May 13 to discuss several resolutions such asthe declaration of a final dividend for 2015 and the re-election of retiringdirectors, among other proposals.

* saidit and its subsidiaries posted an estimated 34% year-over-year increase in contracted sales between Januaryand March, amounting to around 3.79 billion Chinese yuan. The sales figureaccounted for approximately 319,662 square meters of contracted gross floorarea sold in the said period.

* Century CityInternational Holdings Ltd. and Cosmopolitan International HoldingsLtd. saidthey amended the terms of a framework deal, which involves an investment in aChinese logistics services provider. The amended agreement also includes thelisting of a logistics company in the Cayman Islands, instead of Hong Kong.

* The Chinese government'simplementation of a value-addedtax byMay 1 for several industries, including real estate, as a replacement for thebusiness tax is anticipated to spur over 500 billion yuan of tax cuts in 2016and "help stabilize economic growth," Reuters reported,citing Vice Finance Minister Shi Yaobin.

* South China's ShenzhenInternet Finance Association issued a circular that requires allShenzhen-registered companies to stop their crowdfunding initiatives related toresidential and commercial housing, Caixinreported.


* said Mapletree Greater China Commercial Treasury Co. (HKSAR)Ltd. executed a pricing supplement related to its issuance of HK$600.0 million3.25% fixed-rate notes due 2023, which are under a US$1.50 billion euromedium-term securities program.

* U.S. startup Houzz Inc. isoffering its services in Singapore with the launch of a website and mobile app,as the company plans to profit from the city-state's S$10 billion localremodeling sector, Bloomberg reported.

* STR's preliminary data forMarch showed that hotels in Singapore posted year-over-year declines in threeperformance metrics. Revenue per available room fell 3.2% to S$232.03; averagedaily rate dropped 2.4% to S$280.88; and occupancy decreased to 0.8% to 82.6%.

* Resale prices of nonlandedprivate residences rose 0.3% in March compared with the previous month, The (Singapore) Business Times reported,citing SRX Property data.


* Credit Suisse Securitiessaid in a research report that it expects office take-up in the five centralwards of Tokyo to improve until 2017, with Tokyu Fudosan Holdings Corp., and emergingas its top picks in the industry, Kabutan reported.

* Nippon Steel Kowa RealEstate Co. Ltd. broke ground on an 21-level office building in Nihobashi1-chome, Chuo Ward, Tokyo, Jutaku-Shimpo-Shareported. It will havea total floor area of 27,400 square meters, and is scheduled to be completed inMarch 2019.

* Real estate investment in thecountry dropped 23% year over year to ¥4.08 trillion in fiscal 2015, down forthe first time in four years, the NikkeiAsian Review reported,citing the Urban Research Institute.


* Office space absorptionacross nine major cities in the country climbed 11% to 8.8 million square feetof space for the first quarter of 2016, the Press Trust of India reported,citing a Colliers International report.


* intends to launchproperties in Malaysia worth 2 billion Malaysian ringgit in 2016, with a focuson the affordable-housing sector, The(Malaysia) Star reported,citing Mah Sing Executive Director Datuk Steven Ng.

*Philippines-based conglomerate San Miguel Corp. is planning an industrial parkwithin the 2,000-hectare SMC Davao Industrial Estate in Davao, the Philippines,the Nikkei Asian Review reported.

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