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Essential IR Insights Newsletter - February 2023

Blackstone told to match Oxford's IOF bid; HK$40B plot receives 5 tenders

* Blackstone Group LP received an ultimatum from the responsible entity of Investa Office Fund to match or beat Oxford Properties Group's binding takeover bid.

The matching right notice was given to the U.S. private equity giant after Investa Listed Funds Management Ltd. deemed the Canadian suitor's A$5.60-per-unit proposal superior than the American bidder's A$3.3 billion bid.

* Hong Kong's Lands Department received five submissions at the closing of the bidding for a luxury residential site in the city's The Peak, which could fetch up to HK$40 billion, according to the South China Morning Post. Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd. and Henderson Land Development Co. Ltd. are among the five parties offering to buy the property on Mansfield Road with a gross floor area of up to 400,430 square feet.

Hong Kong and China

* China Aoyuan Property Group Ltd. aims to create a new corporate image with a plan to change its name to China Aoyuan Group Ltd. The proposal will be subject to the approval of the Hong Kong-listed property developer's shareholders during a yet-to-be-scheduled extraordinary general meeting.

* China Resources Land Ltd.'s China Resources Land (Zhuhai) Co. Ltd. is forming a mixed-use property investment fund that will have an initial total capital commitment of 15.00 billion yuan under a deal with China Resources Venture Capital (Shenzhen) Co. Ltd., Shanghai Expo Land Holdings Ltd. and China Life Insurance Co. Ltd.

* Hopson Development Holdings Ltd.'s plan to issue 10 billion yuan of bonds has been terminated by the authority, The Paper reported, quoting information from the Shanghai Stock Exchange. The fresh capital was originally planned to develop long term rental properties and to cushion of the risks of a cool down in the property market or a change in government policy.

* Sales at Kowloon Development Co. Ltd.'s new residential project, One East Coast, was affected by the government's large scale reclamation plan announced in the week ended Oct. 12, Apple Daily reported. Being the first project to be launched after the policy address, One East Coast has only secured sales of around 30% of the 162 units available.

* WeWork Cos. is planning to own at least 18 branches in Hong Kong within the next two years, Mingtiandi reported, citing Alan Ai, general manager for WeWork Greater China. The plan was disclosed at the opening of the U.S.-based co-working space operator's first center in the city's Kowloon area at Sun Hung Kai's Two Harbour Square office building in Kwun Tong.


* Country Garden Australia Pty. Ltd. in a joint venture with Mercator Developments, launched a A$1.9 billion large-scale house and land project in Melbourne, The Urban Developer reported. The Australian arm of Chinese developer Country Garden Holdings Co. Ltd. purchased the site being used for the 4,700-lot master-planned development in July 2017 for A$400 million from Phileo Australia Ltd.

* A projected slowdown in the housing market could impact the earnings of residential developers Mirvac Group and Stockland by as much as 15% in the 2020 financial year, according to Morgan Stanley, as cited by The Australian Financial Review.

* Fortius Funds Management Pty. Ltd. is offering to buy The Barracks mixed-use complex in Brisbane from financial services company Challenger under a deal that could be worth more than A$160 million, The Australian reported. The targeted property at 61 Petrie Terrace has a weighted average lease expiry of 5.3 years and is 90.4% leased to office and retail tenants.


* Lodha Developers Ltd. could further delay its proposed IPO in India amid uncertainties in the local stock market, The Economic Times of India reported, citing two persons with direct knowledge of the development. One of the sources added that the issue size could be cut to 40.00 billion rupees to 45.00 billion rupees from the initial target of 55.00 billion rupees.

The developer, which originally intended to kick start the offering in July, told the publication that it is in discussions with its book-running lead managers to determine a definite schedule for the planned listing.

* U.S. private equity investor Taurus Investment Holdings launched its maiden Indian investment by commencing works on a US$200 million mixed-use joint development with Embassy Group and Asset Homes, The (India) Business Standard reported.

The integrated project in the government-owned Technopark IT hub in Thiruvananthapuram in the state of Kerala will include the 3.3 million-square-foot Embassy Taurus Tech Zone office complex, a 1.2 million-square-foot retail and entertainment center and the Asset Taurus Identity, comprising 315 units of serviced residences and a 200-room hotel.


* Hulic Reit Inc. is buying three office properties in Tokyo under deals totaling ¥25.23 billion. Two of the properties considered under the agreements are owned by the buying real estate trust's affiliate, Hulic Co. Ltd., while the remaining one is held by an unnamed entity.

* Mitsui Fudosan Co. Ltd. will boost its Work Styling corporate membership-based co-working office franchise by upgrading existing facilities and adding new locations in Tokyo, the Nikkan Kogyo Shimbun reported.

* The municipal government of Nagoya and Daimaru Matsuzakaya Department Stores Co. Ltd. plan to jointly develop a 4,800-square-meter site in Sakae, Nagoya, The Asahi Shimbun reported. The project will consists of a mixed-use high-rise near the future Daimaru Matsuzakaya Department Store set to open in 2020.


* Suntec Real Estate Investment Trust established a S$500.0 million loan facility with a syndicate of lenders to refinance a portion of its outstanding debt and/or fund general working capital expenditures.

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.

Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.