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Charter Hall, Abacus to offer Australian Unity buyout; ESR defers Hong Kong IPO

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Charter Hall, Abacus to offer Australian Unity buyout; ESR defers Hong Kong IPO

* Charter Hall Group and Abacus Property Group bought a 19.9% stake in Australian Unity Office Fund for A$95.6 million as the two plans to make an offer to buy out their fellow Australia-listed property company.

In November 2018, Australian Unity, which owns a A$640 million portfolio, rejected an approximately A$467.3 million takeover bid from Starwood Capital Group after the offer was reduced from nearly A$480.4 million.

* ESR Cayman Ltd. reportedly postponed its up to US$1.4 billion listing in Hong Kong. The Warburg Pincus LLC-backed logistics property developer was previously expected to be aiming to commence the IPO June 3, but was prompted to hold off the offering amid market volatility caused by the Sino-U.S. trade tensions and Washington's new tariff threats against Mexico.

* PAG is on track to raise US$2.25 billion for its PAG Real Estate Partners II LP fund. Initially, the Hong Kong-based investment manager was aiming for a US$2 billion final close for the core-plus/value-add commingled real estate fund that will primarily invest in office assets across Asia and also target multifamily properties in Japan.

Australia

* Mirvac Group agreed to pay A$333.5 million for the acquisition of 490 completed build-to-rent apartments in Melbourne from PDG. The targeted properties form part of the Munro development within the Queen Victoria Market in the city.

Japan

* Industrial & Infrastructure Fund Investment Corp. completed its ¥24.43 billion purchase of trust beneficiary rights in four industrial properties across Japan. The four assets were part of a ¥24.66 billion five-property deal signed in May, with the transaction for the remaining asset expected to be settled July 16.

Hong Kong and China

* Link Real Estate Investment Trust's profit attributable to unit holders decreased 57.4% on an annual basis during the full year ended March 31 to HK$20.33 billion from HK$47.76 billion. Despite the decline, the Hong Kong-listed real estate investment trust's revenue slightly improved during the comparable period to HK$10.04 billion from HK$10.02 billion, while its net property income rose to nearly HK$7.69 billion from about HK$7.66 billion.

* The contracted sales of China Aoyuan Group Ltd. increased by 33% year over year in May to about 10.02 billion yuan, while the pre-sales value of KWG Group Holdings Ltd. for the comparable period improved by 12.7% to approximately 6.31 billion yuan.

* For the first five months of 2019, Guangzhou R&F Properties Co. Ltd.'s aggregate attributable contracted sales inched upward by 2% on annual basis to 44.23 billion yuan. The sales figure represents 3,794,100 square meters of attributable contracted sales area, a 10% increase from the previous year.

Philippines

* Filipino developer Robinsons Land Corp. confirmed that it is planning to launch 12 billion pesos of new residential projects within 2019. Aside from the confirmed projects, the property company will also enter into joint venture developments with Hongkong Land Holdings Ltd. and Shang Properties Inc.

* Megaworld Corp. is expecting approximately 8 billion pesos in sales from the recently launched 25-story building within its Park McKinley West residential complex in Fort Bonifacio, Metro Manila. The new building offers a swimming pool with its own pool deck, a game and entertainment room, function halls and a fitness center, according to a news release.

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.