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IPO countdown set for 4 Asian RE groups; CapitaLand ends 2017 with a new market

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IPO countdown set for 4 Asian RE groups; CapitaLand ends 2017 with a new market

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.

New year, new companies

* This week, six real estate companies have been reported in various stops in the going-public route.

Countdown begins: Two Hong Kong IPOs are on the calendar now, with Shanghai-based Zhenro Properties Group Ltd. targeting about HK$3.74 billion and Thing On Enterprise Ltd. up to HK$223.2 million.

Zhenro, a diversified property developer with an estimated 7.79 billion-yuan portfolio, and Thing On Enterprise, a local property investor, both expect to debut on the Hong Kong stock exchange Jan. 16, 2018.

Meanwhile, two other companies have expressed intentions to list in the coming year, but no concrete plans yet. Blackstone Group LP-backed K. Raheja Corp. is eyeing a real estate investment trust listing in India and Property Exchange Australia Ltd. might be pursuing a A$1 billion IPO in Australia.

On the other hand, two REITs listed in Thailand this week. Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust debuted Dec. 27, making it the first foreign hospitality REIT to be listed on The Stock Exchange of Thailand.

A day later, TICON Freehold and Leasehold REIT made its debut. It is the biggest industrial REIT in the country and was formed from Ticon Industrial Connection Pcl's combination and conversion of its three property funds.

Singaporeans celebrate abroad

* CapitaLand Ltd. is adding its first German office building to its global portfolio through a joint venture. The company is buying the Main Airport Center property in Frankfurt for €234.3 million.

* Also in Germany, Frasers Centrepoint Ltd. is buying six cross-dock facilities for roughly €257 million. The cash deal was signed with German developer ECE Projektmanagement GmbH and will allow Frasers to enter the last-mile logistics sector of Germany.

* Ascendas Real Estate Investment Trust bought a suburban office in Queensland, Australia, for A$106.2 million.

DLF closes a chapter

* After embarking on a journey to divest a 33.34% stake in DLF Cyber City Developers Ltd. in October 2015, DLF Ltd. promoters completed the process this week. Singaporean sovereign wealth fund GIC bought the stake for 89.00 billion Indian rupees.

Joyce Guevarra contributed to this report.

As of Dec. 28, US$1 was equivalent to 6.53 yuan and 64.06 Indian rupees.