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Real Estate News & Analysis: May Edition

Mirvac's FY'19 EPS grows 4% YOY; Frasers accepts affiliate's Golden Land bid

* Mirvac Group posted a statutory profit of more than A$1 billion for the fiscal year ended June 30. EPS rose 4% year over year to 17.1 Australian cents, while distribution per security grew 5% year over year to 11.6 cents.

* Frasers Property Ltd. unit Frasers Property Holdings (Thailand) Co. Ltd. tendered all of its 927,642,930 ordinary shares in Golden Land Property Development PCL for the acceptance of Frasers Property (Thailand) PCL's tender offer to take over its fellow Thai property developer. Frasers Property Holdings will receive nearly 7.89 billion baht for the transaction, according to a news release.


* John Potter, the former head of Villa World Ltd., secured approval to develop a A$700 million twin-tower complex in the Broadbeach suburb of Gold Coast, Australia, The Australian reported. The 68-level building, intended for a 3,722-square-meter site, will include a hotel, which is expected to be completed by 2022, along with 876 apartment units and parking space for nearly 800 cars.

* Haben Property Fund is conducting due diligence to potentially purchase the Jesmond shopping center in the city of Newcastle under an approximately A$118 million agreement with Stockland, The Australian Financial Review reported. The retail property, marketed with the help of Colliers International and Stonebridge, is anchored by Woolworths Group Ltd., Aldi and Big W.

Hong Kong and China

* KWG Group Holdings Ltd.'s pre-sales increased year over year in July by 28.2% to 6.71 billion yuan, while the respective contracted sales of Yuexiu Property Co. Ltd. and Powerlong Real Estate Holdings Ltd. for the first seven months of 2019 rose year over year by about 35% to nearly 40.74 billion yuan and by about 72.5% to approximately 35.06 billion yuan.

* Hong Kong's Lands Department gave pre-sales approval for 26 residential developments in the city as of the end of June, Oriental Daily reported. The projects earmarked for launch will provide 9,979 units, reflecting a 7.8% decline from the number of units sold the prior month.


* ESR-REIT's joint venture with Poh Tiong Choon Logistics Ltd. completed its S$225.0 million acquisition of the six-story warehouse with ancillary facilities at 48 Pandan Rd. Following the transaction, the Singapore-based real estate investment trust agreed to lease the property with a gross floor area of 1,093,415 square feet to its joint venture partner for a 10-year term, according to a news release.

* The Singapore stock exchange's regulatory arm, SGX RegCo., intends to establish a working group that will review ways to strengthen regulations for retail bond issuance and the REIT sector in the city-state, Bloomberg News reported, citing SGX RegCo.'s CEO, Tan Boon Gin.


* Japan Real Estate Investment Corp. registered a ¥100 billion bond shelf to the Kanto Local Finance Bureau. Funds raised from the debt program with a term ending Aug. 14, 2021, will be used for purposes including the purchase of assets, repayment of loans, redemption of investment corporation bonds and for working capital expenditures.

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