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Kenedix flags ¥21B of deals; Ascendas to buy Indian property for 6.9B rupees


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Kenedix flags ¥21B of deals; Ascendas to buy Indian property for 6.9B rupees

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* Kenedix Office Investment Corp. has announced deals worth about ¥20.80 billion. It acquired a trust beneficiary interest in the Nishi-Shinbashi TS Building in Minato-ku, Tokyo, for ¥8.40 billion, while it sold its stake in the KDX Nihonbashi Kabutocho Building in Chuo-ku, Tokyo, for ¥12.40 billion.

* Comforia Residential REIT Inc. completed its approximately ¥18.45 billion purchase of eight properties in Japan. Tokyu Land Corp. and Godo Kaisha Jemini sold the properties.

* Daiwa House REIT Investment Corp. completed its ¥5.62 billion acquisition of a freehold interest in the Hiratsuka Retail Property from TSI Holdings Co. Ltd., according to a filing.

* United Urban Investment Corp. acquired the Shin-Narashino Logistics Center II building in Narashino, Chiba, for ¥2.59 billion from an undisclosed seller. The acquisition price reflected an estimated 5.0% NOI yield and a 4.8% cap rate. The 12,578.45-square-meter office-warehouse stands on a 7,870.01-square-meter site.

* Nomura Real Estate Master Fund plans to buy the PRIME URBAN Gakugei Daigaku Parkfront residential property in Meguro Ward, Tokyo, for ¥1.30 billion from an undisclosed seller. The fund expects to close its acquisition of the 49-unit apartment building March 31.

* Astro Japan Property Trust sold its interest in the Round One Amagasaki property near the Hanshin Deyashiki station in Amagasaki for ¥830 million at a 3.8% premium.

* Sekisui House SI Residential Investment Corp. will acquire a trust beneficiary interest in Tokyu Livable Inc.'s Esty Maison MORISHITA property in Sumida-ku, Tokyo, for ¥628 million.

* Japan Prime Realty Investment Corp. expects to complete the acquisition of the Tokyo Square Garden on April 4, according to a release.


* GDI Property Group settled the approximately A$51.9 million sale of the 80 George Street property in Parramatta, Sydney, on behalf of GDI No. 40 Office Trust. The sale price is expected to provide an internal rate of return of approximately 19% for the trust.

* National Storage REIT agreed to purchase the freehold interests of two existing assets at Guildford and Rockingham in Perth for A$30 million from Carmel Pty. Ltd. and related entities.

The Guildford industrial center comprises 550 units over 6,000 square meters of net lettable area, while the Rockingham facility has 430 units over 5,000 square meters of net lettable area.

* GPT Group plans to keep up with competition by increasing its presence in a major office spot in Sydney's Parramatta region, and it is in talks to buy the Salvation Army's roughly A$30 million property at the district, The Australian reported.

* DEXUS Property Group settled the divestment of the 79-99 St Hilliers Road property in Auburn, according to a release. The company expected A$65.0 million from the industrial asset when the deal was announced in August 2016.


* Ascendas India Trust will acquire the Blueridge IT/ITES Special Economic Zone Phase II in Hinjewadi, Pune, for not more than 6.9 billion Indian rupees. The company plans to buy the property to improve its presence in Pune's IT/ITES markets.

* Sobha Ltd. said that Lapis India Capital Advisors Private Ltd. wrapped up its exit from their 50/50 Sobha Palladian joint venture project. The private equity fund reaped 980 million Indian rupees of returns over a four-year period since it invested 500 million rupees in the residential project in 2013.

Additional coverage

C C Land units to buy London property for £290M: Two of its subsidiaries signed an agreement to acquire the freehold and leasehold interests in the 1 Kingdom St. office building in London.

Goodman sells Sydney office asset to residential developer: Unnamed sources indicated that the sale price is about A$120 million, The Australian Financial Review reported.

AEON REIT to acquire 5 Japanese properties for ¥62.10B: AEON REIT will purchase four shopping malls from AEON Retail and an industrial property from Tokyo Century.

GLP expands Chicago footprint with 2 acquisitions: The company bought two distribution facilities for $33 million.

Regal Hotels unit wins Hong Kong airport hotel tender with HK$2.2B bid : Capital Charm Holdings won the contract for a proposed hotel development at Hong Kong International Airport's SKYCITY site.

City Developments plans £222M residential project in London: City Developments Ltd. intends to develop the project at the freehold Ransomes Wharf site in Battersea, London.

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