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Ara plans US$500M REIT IPO in Singapore; Brookfield in 39.5B-rupee India deal

* Ara Asset Management Ltd. reportedly intends to list its U.S. hotel properties on the Singapore stock exchange under a real estate investment trust in May. The REIT listing that could raise as much as US$500 million is expected to become the largest IPO in the city-state for 2019, according to the report.

* Brookfield Asset Management Inc., through BSREP IH India Ballet Pte. Ltd., is purchasing Hotel Leelaventure Ltd.'s hotel business, the Indian luxury hospitality group's hospitality and hotel operations, entire shareholding in Leela Palaces and Resorts Ltd. and intellectual property and under a 39.50 billion-rupee deal.

Hong Kong and China

* Country Garden Holdings Co. Ltd.'s profit attributable to owners of the company for the full year ended Dec. 31, 2018, increased 32.8% on an annual basis to 34.62 billion yuan from 26.06 billion yuan. The Hong Kong-listed developer's EPS jumped 27.0% during the comparable period to 1.55 yuan from 1.22 yuan, while its revenue grew 67.1% to 379.08 billion yuan from 226.90 billion yuan.

* China Aoyuan Group Ltd.'s Aoyuan Healthy Life Group Co. Ltd. spinoff debuted on the Hong Kong stock exchange March 18 under the stock code 3662, following its HK$3.66-per-share IPO of 175 million shares. The property management business expects to net approximately HK$577.0 million from the offering.

* China Jinmao Holdings Group Ltd.'s Jinmao Investment Management (Tianjin) Co. Ltd. subsidiary committed to investing about 1.00 billion yuan in a real estate-focused private equity partnership it is forming with Jinmao (Jiaxing) Investment Management Co. Ltd. and Sinochem Capital Investment Management Co. Ltd. The planned partnership will have about 2.00 billion yuan in aggregate subscribed capital contribution.

* Meanwhile, a Ronshine China Holdings Ltd. subsidiary is selling a 50% stake in Shanghai Kaitai Property Development Co. Ltd. to Greenland Property Group Co. Ltd. for a consideration totaling approximately 1.00 billion yuan. Through the deal, Fujian Taikun Trading Co. Ltd. is divesting a half-stake in the properties comprising the Shanghai Xujing Project in Shanghai.

* Sino-Ocean Group Holding Ltd.'s Sino-Ocean Holding Group (China) Ltd. subsidiary issued 2.9 billion yuan of corporate bonds after securing approval for the offering from the China Securities Regulatory Commission. The issuance comprised 1.7 billion yuan in 4.06% bonds callable in five years and 1.2 billion yuan of 4.59% bonds with a term of seven years.

* Shimao Property Holdings Ltd. spent nearly US$577.9 million for the March 18 full redemption of its outstanding 2022 senior notes with an aggregate principal amount of US$550.0 million.

* Commercial property buys in China by private equity funds are expected to increase in 2019, giving lenders bigger financing opportunities in the process, Bloomberg News reported, citing Standard Chartered PLC. To date, over US$2 billion of loan deals in Asia have been agreed on by banks and firms such as Blackstone Group LP and GAW Capital Advisors.

Southeast Asia

* A consortium involving CapitaLand Commercial Trust is believed to be interested in buying the interlinked Duo Tower office building and Duo Galleria shopping plaza from the M+S Pte. Ltd. joint venture of Malaysian sovereign fund Khazanah Nasional Bhd. and Singaporean investment company Temasek Holdings (Pte.) Ltd. The complex is valued at more than S$1.5 billion.

* Bangkok-based multinational hospitality company Minor International PCL said its planned issuance of 33 billion baht in bonds with a blended average interest rate of 3.84% was oversubscribed by about 3x. The offering will comprise 12 tranches with maturities ranging from two to 15 years.


* Mitsui Fudosan Co. Ltd. is selling various levels of interests in three Japanese properties to Frontier Real Estate Investment Corp. under deals with a combined value of approximately ¥22.49 billion. Separately, Frontier Real Estate is selling the east building of the Mitsui Shopping Park Alpark to an unnamed investment corporation for about ¥3.80 billion.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Cam Nones and John Chan contributed to this report.