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LendLease gears up for Singapore REIT listing; Sakura Sogo warns unit holders

* LendLease Group held investor meetings in preparation for its planned launch of a Singapore-based real estate investment trust called Lendlease Global Commercial REIT, which can hold more than A$1 billion assets, The Australian reported. The proposed trust will own a portfolio that will include shopping centers across Australia, a Singapore mall and an office building in Milan.

The Australia-listed property group was reported in March of planning an up to US$500 million IPO of an entity that will be under a REIT structure.

* Sakura Sogo REIT Investment Corp. warned its unit holders of deception beneath Lion Partners GK's proposal to merge the Japanese property developer with its peer, Star Asia Investment Corp. The targeted company noted in a filing that the proposition was issued on the pretense of a merger proposal, which is forcing the two trusts to amalgamate with approval from more than 50% of Sakura's unit holders instead of the legal requirement of 67%.

Lion Partners, an affiliate of Star Asia Group, earlier said the proposed merger of the companies will create a diversified REIT with ¥158.4 billion of assets under management and will be beneficial for Sakura Sogo's unit holders as it will boost the trust's distribution per unit by ¥100 in the short term.

Hong Kong and China

* Kerry Properties Ltd.'s Bright Beyond Ltd. subsidiary placed the winning bid of about 6.81 billion yuan to secure the rights to five mixed-use land parcels in Hangzhou, China, with a combined site area of approximately 98,053 square meters. To formalize the acquisition, the winning tenderer will sign a contract with the Hangzhou Bureau of Planning and Natural Resources before May 31.

* Yuexiu Property Co. Ltd. bought its first land in Zhengzhou in China's Henan Province for 501 million yuan, Guandian reported. The builder acquired the 34,952-square-meter residential land after 315 rounds of bidding, paying a premium of 73%.

* Dalian Wanda Group Co Ltd. intends to open a 12 billion-yuan theme park in Yan'an, China, by June 2021, the Nikkei Asian Review reported. The Chinese conglomerate, which recently figured in various news because of similar multibillion-yuan developments, broke ground mid-April on the Yan'an Wanda City project, which will also feature a luxury hotel, restaurants and sports facilities.

* Sun Hung Kai Properties Ltd. sold 17 of the 144 flats that it offered May 18 in its Park Yoho Napoli development on Castle Peak Road in Yuen Long, Hong Kong, the South China Morning Post reported, citing sales agents. According to the publication, the project's sales was a flop in comparison with two weekends ago, when the special administrative region saw its biggest Saturday launch in six years.

* The Town Planning Board approved Henderson Land Development Co. Ltd.’s application for relaxing the density restrictions on a site in Fanling in Hong Kong's New Territories to build 1,807 residential units in five buildings, Oriental Daily reported. The plot ratio of the land is raised from 3.5x to 3.515x to provide a total gross floor area of 612,000 square feet.

India

* A partnership between Singapore's sovereign wealth fund GIC Pte. Ltd. and Indian Hotels Co. Ltd. will invest 40 billion rupees for the acquisition of luxury, upper upscale and upscale hotels across India. Under the cooperation agreement, properties that will comprise the planned portfolio will be managed by the Indian hospitality company.

Singapore

* Frasers Centrepoint Trust's priced its private placement of 135,659,800 new units at S$2.382 per unit after the offering was oversubscribed 2.3x. The gross proceeds of about S$369.6 million from the upsized offering will be used to partially finance the Singapore-listed developer's S$433.3 million purchase of a 33.33% stake in the Waterway Point property at 83 Punggol Central from Frasers Property Ltd.

Australia

* Pelligra Group committed to initially invest A$500 million for the redevelopment of Ford Australia's former manufacturing sites in the Melbourne suburbs of Broadmeadows and Geelong, The Australian Financial Review reported. The three development sites include existing buildings that have a combined area of more than 265,000 square meters.

* Aqualand is teaming up with Develotek Property Group for the development of more than 600 apartment units in four land parcels across the Chatswood residential and business district of Sydney, the AFR reported. One of the properties that will be developed under the partnership is the 5,420-square-meter The Bertram site, which was taken to the market in late 2017 for approximately A$250 million.

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 and Emily Lai contributed to this report.