* Australia-based LendLease Group kicked off the public offering of Lendlease Global Commercial REIT in Singapore on Sept. 25, seeking to raise S$341.0 million from selling 387,474,987 units at S$0.88 apiece. The REIT has raised S$686.8 million from offerings to cornerstone investors and other trustees, bringing the total size of the IPO to S$1.03 billion. The REIT is expected to start trading on the Singapore exchange Oct. 2.
* Bain Capital LP plans to sell its Japanese hot springs operator Ooedo Onsen Monogatari for more than ¥100 billion, Bloomberg News reported, citing sources. SoftBank Group Corp. and other investment funds have submitted first-rounds bids for Ooedo Onsen, which operates about 40 hot spring inns and resorts across Japan, the report added.
Greater China
* Hong Kong's Land Department withdrew its tender of a commercial site on the runway of Hong Kong's former airport, saying the five bids it received did not meet the reserve price for the plot. Failed bidders include Sun Hung Kai Properties Ltd. and CK Asset Holdings Ltd.
* New World Development Co. Ltd. plans to donate more than 3 million square feet of farmland to the Hong Kong government and charities for building public homes, South China Morning Post reported, citing the company's executive vice chairman, Adrian Cheng Chi-kong. The comment came after the developer reported a 22.2% year-over-year fall in net profit for the fiscal year ended June 30.
* Yuexiu Property Co. Ltd. said its 95%-owned Guangzhou City Construction & Development Co. plans to issue up to 2 billion yuan of five-year bonds to repay debt. The coupon rates will be determined after book-building.
* GuocoLand Ltd.'s 75%-owned joint venture broke ground of its 7.5 billion yuan mixed-use development in the Yuzhong District of Chongqing of China. The Chongqing 18 Steps project will offer residential and commercial properties across a total gross floor area of 341,000 square meters.
* Keppel Corporation Ltd.'s real estate division intends to buy a 30% stake in Win Up Global, which is developing the Westmin Plaza in Guangzhou, for HK$141.4 million, The Business Times reported.
Japan
* Japan's Shinsei Bank Ltd. agreed to acquire Zenkoku Rent Guarantor Service Co. Ltd. from Apaman Co. Ltd. for an undisclosed sum. The agreement will further expand the rent guarantee business of APLUS Co. Ltd.
Australia
* Office REIT manager DEXUS has bought a property in downtown Brisbane for more than A$80 million, on a yield of less than 5%, from Aria Property Group Pty. Ltd., The Australian Financial Review reported. It said Dexus is also in talks with a church near the property to engage in a larger joint development.
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