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Japan Retail to buy ¥3.20B Hulic asset; First REIT completes Indonesian purchase

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Japan

* Japan Retail Fund Investment Corp. is planning to acquire trust beneficiary right in Hulic Co. Ltd.'s Round1 Sannomiya Station in Kobe-shi, Hyogo Prefecture, for ¥3.20 billion. The company intends to settle the purchase of the retail asset Nov. 30 using cash on hand, according to a filing.

Indonesia

* First Real Estate Investment Trust, through a wholly owned subsidiary, wrapped up its S$28.5 million acquisition of a hospital and a connecting retail mall in Buton from PT Andromeda Sakti, The (Singapore) Business Times reported.

According to the publication, the purchase of the 10,796-square-meter, up-to-160-bed Siloam Hospitals Buton and the 11,138-square-meter Lippo Plaza Buton marks the REIT's second purchase in Indonesia of a hospital with a linked retail mall, the first being in 2015.

* Lippo Malls Indonesia Retail Trust announced Oct. 17 the completion of the transfer of Plaza Medan Fair's adjacent retail wing to its subsidiary, PT Anugrah Prima. The retail wing, which consists of a four-story mall and a car park building, was purchased from PT Pilar Utama Sukses under a 150.0 billion Indonesian rupiah deal signed earlier in October.

The total S$15.5 million cash consideration for the asset transfer was covered using a mix of internally generated funds and proceeds from a June 19 perpetual securities issuance.

Australia

* Desane Group Holdings Ltd. updated Oct. 18 on the New South Wales government's compulsory acquisition of its 5,274-square-meter property at 68-72 Lilyfield Road in the Sydney suburb of Rozelle for the stage three development of the M4-M5 Link of the WestConnex Motorway.

A comprehensive statutory planning review conducted by national planner Urbis Pty Ltd. on the property, which is the subject of an ongoing court proceeding, has suggested for the filing of an objection to the acquisition after irregularities were discovered in both the design and the manner as to how the state government is carrying out the motorway project.

Additional coverage

Hangzhou Binjiang to buy half stake in 1.5B-yuan Zhejiang, China, plot

Report: Link REIT manager eyeing up to HK$20B sale of 17-asset retail portfolio

Singapore's Changi Garden condo to sell for S$53M above original asking price

Charter Hall Retail to sell Sydney shopping center

Some external links may require a subscription. Articles and links are correct as of publication time.

As of Oct. 17, US$1 was equivalent to 13,511.00 Indonesian rupiah, ¥112.33 and S$1.36.