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Lendlease JV buys £1.2B London project; Frasers' green mall in Melbourne gets OK

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Lendlease JV buys £1.2B London project; Frasers' green mall in Melbourne gets OK

* A joint venture between Lendlease Corp. Ltd. and U.S. private equity group Starwood Capital Group is buying the £1.2 billion Silvertown Quays mixed-use development in London for an undisclosed amount from a consortium that involves Macquarie Capital. The integrated 7 million-square-foot project in Royal Docks is planned to include up to 3,000 homes, as well as office and retail space.

* The Whitehorse City Council of Victoria approved the proposal of Frasers Property Ltd.'s Australian arm to develop the A$115 million Burwood Brickworks mall in Melbourne, The Australian Financial Review reported. The planned shopping center, which Frasers Property Australia Pty. Ltd. claims will be the most sustainable in the world, will feature a commercially operated urban farm on the roof and solar panels that can deliver electricity back to the grid.

Australia

* The finalized deal between Mirvac Group and ISPT Pty. Ltd. for Blackstone Group LP's half-stake in the Westpac Place building in Sydney values the property at over A$1.7 billion, The Australian reported. The funds manager earlier struck a deal with Mirvac to secure the half-stake in Westpac Banking Corp.'s headquarters.

* Diversified property manager Charter Hall Group is leasing 17,000 square meters of space at its Brisbane Square Tower to superannuation fund QSuper under a 15-year deal commencing 2022, The Australian reported.

Separately, Westpac is believed to have decided to take 7,000 square meters of space at GPT Group's Riverside Center building on Brisbane's Eagle Street. According to the same report, the bank also considered properties owned by Charter Hall Group and Dexus for its new base.

* An unnamed institution provided the real estate arm of Prudential Financial Inc. with a US$320 million mandate to build and manage whole loans and mezzanine real estate debt investments Down Under. Pursuant to the mandate, PGIM Real Estate will focus on dispensing loan investments of between A$15 million and A$75 million to various real estate sectors.

Hong Kong and China

* New World Development Co. Ltd.'s offering of 300 units at its Fleur Pavilia project in North Point, Hong Kong, was 3.7x oversubscribed, according to The (Hong Kong) Standard. From the sale, the listed diversified property developer can collect HK$8.8 billion.

* C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary agreed to form a 64/18/18 joint venture with The Wharf Property (Guangzhou) Co. Ltd. and Guangzhou Changzheng Real Estate Development Co. Ltd. for the development of an approximately 45,559-square-meter residential site in Guangzhou.

Xiamen Yi Yue won the rights to the site after winning an auction in January with a bid of 4.02 billion yuan.

* China Resources Land Ltd.'s contracted sales in May grew 10.9% year over year to approximately 15.64 billion yuan, reflecting gross floor sales area of about 975,365 square meters.

* Hong Kong-listed company China Aoyuan Property Group Ltd. intends to boost its series of 7.5% senior notes due 2021 by issuing another US$225.0 million. The planned offering will be consolidated with the group's previous US$200.0 million issuance, according to a filing.

* Meanwhile, a Hong Kong family's auction of 10 convertible farmland plots in Yuen Long, Hong Kong, failed to secure a buyer, the South China Morning Post reported. The agricultural land parcels spanning 119,000 square feet combined were marketed with a collective price tag of HK$370 million.

Singapore

* The plan of Roxy-Pacific Holdings Ltd.'s joint venture with TE2 Development Pte. Ltd. to collectively acquire the Kismis View residential development in the city-state is moving ahead with the receipt of the order for sale for the property from the Strata Titles Board. In a news release, the developer noted that the planned en bloc purchase is now being scheduled for completion.

Japan

* Sumitomo Realty & Development Co. Ltd. launched the sale of 569 units at phase 1 of the City Terrace Yachiyo Midorigaoka Breeze Court condominium project in Yachiyo City, Chiba Prefecture, Yutosoken reported. The project has a total of 1,006 units.

* Additional concerns are being raised regarding the impending implementation of the new home-sharing laws, or minpaku, in Japan as tourists complain of having difficulty in finding lodging. According to the Nikkei Asian Review of Tokyo, the complaints were caused by the cancellations of bookings through Airbnb Inc., which earlier removed listings of unauthorized hosts in compliance with the minpaku.

Other real estate news

* Oxley Planetvision Properties, a Cyprus-based 50% joint venture of Singaporean developer Oxley Holdings Ltd., is absorbing two of its wholly owned subsidiaries, The (Singapore) Business Times reported. After the absorption-type merger, Oxley Planetvision's Jemina and Flitous units were dissolved.

* Thai hotel and food group Minor International PCL reiterated in a document filed with the National Securities Market Commission of Spain that it does not plan to delist NH Hotel Group SA from the Madrid Stock Exchange if its takeover proposal pushes through, Reuters reported.

Earlier in June, Minor International flagged its intent to take over NH Hotel, following the €619 million purchase of a 25.2% stake in the Spanish hotelier from Chinese conglomerate HNA Group Co. Ltd.

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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.

Rollen Catorce and John Chan contributed to this report.

As of June 11, US$1 was equivalent to 6.40 yuan.