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Gaw Capital closes US$2.2B RE fund; Wharf REIC to buy Singapore properties

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Gaw Capital closes US$2.2B RE fund; Wharf REIC to buy Singapore properties

* Gaw Capital Partners raised US$2.2 billion at the final closing of its Gateway Real Estate Fund VI. The Hong Kong-based real estate private equity firm also secured sidecar co-investment commitment of up to US$800 million for its largest fund to date, according to a news release.

* Wharf Real Estate Investment Co. Ltd. is purchasing the Scotts Square and Wheelock Place in Singapore from Wheelock & Co. Ltd. for HK$6.42 billion.

Greater China

* Chinese online property brokerage platform Beike Zhaofang is mulling an IPO that could raise at least US$1 billion, Bloomberg News reported, citing people familiar with the matter. While the venue for the listing is still to be determined, the unnamed sources noted that the Tencent Holdings Ltd.-backed company's initial offering could take place as soon as 2020.

* Times China Holdings Ltd.'s Times Neighborhood Holdings Ltd. spinoff expects to net roughly HK$791.9 million from its IPO on the Hong Kong stock exchange of 161,820,000 shares priced at HK$5.15 apiece. The property management services provider said it will use the net proceeds to pursue investments and acquisition opportunities, to improve its technology, to develop its service platform, and for working capital and general corporate expenditures.

* CITIC Pacific Ltd. placed the winning HK$3.20 billion bid for an approximately 3,990-square-meter private residential development site in Hong Kong. The company outbid 24 other tenderers including Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., China Overseas Land & Investment Ltd. and Henderson Land Development Co. Ltd., according to the city's Lands Department.

* Greentown China Holdings Ltd. is investing 3.60 billion yuan for a 35% stake in the joint development of a portion of the Pearl City Project in Shanghai. The fourth section of the project's third phase has a gross construction area of 202,683.40 square meters.

* Agile Group Holdings Ltd. agreed to establish an 85/15 joint venture with Shenzhen City Shenglu Enterprise Management Co. Ltd. for the development of seven land parcels with a total site area of 580,524.38 square meters. Shenzhen City Shenglu will invest 1.67 billion yuan in the venture, from which Agile Group expects to gain roughly 700 million yuan, according to a filing.

* Zhuguang Holdings Group Co. Ltd. agreed to acquire a 51% interest in a roughly 63,637-square-meter integrated development in Guangzhou, China, from Quan Xing Holdings Ltd. for 1.05 billion yuan. The five-phase project will include buildings zoned for office, apartment and commercial uses.

* A Beijing Capital Land Ltd. joint venture obtained an up to 1.50 billion-yuan loan from the Haidian New District sub-branch of Beijing Rural Commercial Bank Co. Ltd.

Thailand

* Charoen Pokphand Group Co. Ltd.'s property development arm increased its investment in a residential-focused development in Bangkok to 125 billion baht, which could become the biggest private property project in Thailand, the Nikkei Asian Review reported. Magnolia Quality Development's further investment in its project will also pave the way for the expansion of the development site to 63.68 hectares.

Australia

* Mirvac Group's consortium with John Holland Group Pty. Ltd. secured the rights to develop an A$800 million integrated development in Sydney's Waterloo suburb in partnership with the New South Wales government. The project to be integrated into the city's Metro station will include residential, office and retail components.

Japan

* Nuveen Real Estate purchased an Odawara fulfillment center intended for Amazon Japan from The Blackstone Group Inc. for an estimated ¥40 billion, the Nikkei Asian Review reported. The formerly named TH Real Estate is believed to have teamed up with an unnamed South Korean investor for the acquisition.

India

* Allianz Real Estate and Shapoorji Pallonji Group paid US$250 million for the acquisition of the WaveRock special economic zone development in Hyderabad. The four-tower office complex with a total leasable area of approximately 2.4 million square feet is fully leased to tenants including Apple, TCS, Accenture, DBS and GAP IT.

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.