S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
* Global Logistic Properties Ltd. is making its debut in Europe, with the Singaporean logistics company signing a deal to acquire Brookfield Property Partners LP's European platform. IDI Gazeley will be bought for roughly US$2.8 billion, and will give GLP ownership of a portfolio comprising 1.6 million square meters of 98%-leased assets located across the U.K., Germany, France and the Netherlands, along with a 1.4 million-square-meter development pipeline.
The Chinese consortium that has offered to take GLP private, meanwhile, said it supports the transaction.
* IL&FS India Realty Fund I now has two suitors, with local Kotak Realty Fund tipped to also be in the running. In July, Blackstone Group LP was reported to be in talks to buy the US$525 million fund.
* Astro Japan Property Group, a company being bought by funds managed by Blackstone Real Estate, has filed a request to delist from The Australian Securities Exchange Ltd.
* Two Australian companies succumbed to takeovers this week, but on opposing sides of the spectrum.
The takeover target: Aurora Funds Management Ltd. forced its hand on RNY Property Trust by declaring its bid for the company unconditional. RNY, after one-upping Aurora since it showed interest in the company in July, today recommended its unit holders to accept Aurora's offer because any distribution from RNY will unlikely exceed the per-unit offer of Aurora.
The long-time suitor: Cromwell Property Group gave up on its nearly year-long takeover pursuit of Investa Office Fund this week by selling its entire stake in the trust for A$276 million. It noted that it is clear that the target will not budge, regardless of how much it offers.
* Seven business days after it said no to Centuria Capital Group and Centuria Industrial REIT's takeover bid, Propertylink saw another substantial stake buy in the company.
ESR Pte. Ltd. acquired an 18.06% stake in Propertylink and noted that it intends to keep its options open, in relation to the investment, which could mean engaging with the company about strategic initiatives or possibly further increasing its stake in Propertylink.
* GIC's acquisition of a 33.34% stake in Indian developer DLF Ltd.'s rental business is expected to receive the approval of the Competition Commission of India in November.
* The largest freehold collective sale by dollar value in Singapore was made this week, with a City Developments Ltd. joint venture buying the Amber Park apartments for S$906.7 million.
Shortly after, the 488-unit Normanton Park condominium in Singapore was sold for S$30.1 million more than its S$800 million minimum asking price when it went on the market in June. Kingsford Huray Development was the buyer.
* The Urban Redevelopment Authority awarded a joint venture with a 99-year leasehold in a commercial site on Singapore's Beach Road. GuocoLand Ltd. and parent Guoco Group Ltd.'s S$1.62 billion offer for the site was enough to beat four other competitors.
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Rollen Catorce contributed to this report.
As of Oct. 5, US$1 was equivalent to S$1.36.