* Citigroup Inc. and Credit Suisse Group AG backed out of Ucommune Group Holdings Ltd.'s U.S. IPO due to disagreements over an achievable valuation for the coworking space provider, Reuters reported, citing two people with direct knowledge of the matter. WeWork Cos. Inc.'s Beijing-based rival recently filed a prospectus with the U.S. Securities and Exchange Commission for its IPO of American depositary shares on the New York Stock Exchange, without disclosing the size of the offering.
* The capital raisings of real estate investment trusts across the Asia-Pacific region surpassed US$14 billion so far in 2019, according to JLL. The amount surpasses the US$13.8 billion record set for capital-raising activity back in 2013.
* ARA Asset Management Ltd. and LOGOS Group entered into a strategic transaction to establish a logistics real estate development and investment management partnership in the Asia-Pacific region. As part of the strategic partnership agreement, ARA Asset will transfer its entire shareholding in Cache Logistics Trust and ARA Trust Management (Cache) Ltd. to LOGOS, according to a news release.
* Goodman Group is believed to be interested in buying Qube Holdings Ltd.'s logistics park in Sydney's Moorebank suburb, The Australian reported. The targeted development, which is valued up to A$2 billion, is the largest of its kind in Australia and covers a 243-hectare site.
* Rebel Property Group Pty. Ltd. and Everest Property Holdings Pty. Ltd. are planning to jointly develop a A$250 million hotel at 375 Pitt St. in Sydney, The Australian Financial Review reported. Construction of the hospitality property will commence in late 2020, pending the release of final approval for the over 300-room project.
* China Vanke Co. Ltd. established a joint venture with Cushman & Wakefield for the enhancement of commercial property sales and asset management businesses in China, Hong Kong Economic Journal reported. The created entity will oversee more than 1,000 projects across 80 cities and employ 20,000 staff.
* Xia Haijun, China Evergrande Group's CEO and vice chairman, pocketed HK$1.07 billion from the sale of 54.76 million shares of the property developer at a per-share price between HK$19.3286 and HK$20.0485, Apple Daily reported. Following the divestment, Xia's stake in China Evergrande dropped to 0.04% from 0.45%.
* Hong Kong's Planning Department is opposing New World Development Co. Ltd.'s plan to build 771 apartment units on a 935,600-square-foot land parcel in the city's Sai Kung town ahead of a review by the Town Planning Board, Ming Pao reported. The government agency cited the archaeological value of the site as reason for its opposition to the proposal.
* Hong Kong's government is closing the public tender for a 43,000-square-foot residential development site along Tai Hang Road in the Wan Chai area of the city, Hong Kong Economic Times reported. The property, which is traditionally zoned for high-end housing developments, is valued at least HK$1.9 billion.
* Shenzhen's government is now allowing the sale of commercial apartments after realizing that previous restrictions were not helping meet the demand in the market, Guandian reported.
* A Chinese-led venture completed the reclamation of 269 hectares of land off the coast of Colombo, the Nikkei Asian Review reported. The Port City Colombo reclamation project required a US$1.4 billion investment from China, the publication added.
* Alphabet Inc.'s Google LLC is leasing 450,000 square feet of space in Gurgaon from flexible office space operator Simpli Work, The Economic Times of India reported, citing people with knowledge of the matter. The facility, which can accommodate at least 4,000 people, will commence operations in 2020 and will have a lock-in period between three and four years, the sources said.
* Kyushu Railway Co. unveiled plans to add a 13-story mixed-use building to its refurbishment of the Nagasaki Station. The upper portion of the building will house a 200-room Marriot Hotel that will open in 2025.
Other real estate news
* Singapore-listed Keppel DC REIT agreed to purchase a shell and core purpose-built data center facility in Kelsterbach, Germany, from Maena KG for €81.8 million. The property with a total lettable area of approximately 540,869 square feet will be the REIT's second data center in Germany and eighth in Europe.
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Ian Cruz, Emily Lai and Jaekwon Lim contributed to this report.