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Private RE trust planned; A$400M portfolio for sale; Mitsubishi profit down

Commercial Real Estate: 2020 Review

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The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


Private RE trust planned; A$400M portfolio for sale; Mitsubishi profit down

* Nisshin Fudosan Co. Ltd. will set up and operate a private real estate investment trust focused on residential properties in Japan. Nisshin Private Resi REIT Inc. will initially target assets worth about ¥20 billion to ¥25 billion, REport reported.

* Pacific Equity Partners is considering a sale and leaseback deal for its roughly A$400 million portfolio of industrial and logistics assets leased to its Allied Pinnacle business. According to The Australian, the private equity firm appointed CBRE to advise on the sale.

* Mitsubishi Estate Co. Ltd.'s attributable profit for the quarter ended June 30 slipped by 34.5% year over year to ¥17.93 billion from ¥27.40 billion. In the same reporting period, the company's earnings per share and income before taxes also declined to ¥12.92 and ¥31.65 billion, respectively.

Hong Kong and China

* China Resources Land Ltd. said it splashed approximately 8.16 billion yuan in July to acquire five land parcels in China with a combined gross floor area estimated at 812,568 square meters.

The company also said it secured an HK$11.00 billion term loan facility after signing an agreement with a syndicate of banks, which requires the company, among other conditions, to ensure that China Resources (Holdings) Co. Ltd. will remain its single largest shareholder.

* For the seven months ended July 31, Modern Land (China) Co. Ltd. sold approximately 999,245 square meters of properties, raking in about 9.96 billion yuan in the process.

* Shui On Land Ltd. and its subsidiaries, meanwhile, logged contracted sales for July at about 1.34 billion yuan, representing sales area of 16,800 square meters. Year-to-July, the group sold an estimated 5.73 billion yuan of properties, down 65% from the 16.23 billion yuan recorded in the year-ago period.

* Future Land Development Holdings Ltd.'s contracted sales for July amounted to roughly 6.08 billion yuan with sales area estimated at 457,400 square meters. For the first seven months of 2017, sales of the group reached 55.16 billion yuan, representing sold area of roughly 4,006,300 square meters.

* Singapore-listed Yanlord Land Group Ltd. purchased, for approximately 10.52 billion yuan, a prime redevelopment site in Shanghai with gross floor area of roughly 183,187 square meters. The company said the acquisition of the site will be financed using a combination of internal resources and bank loans.

* The available office area at Link Real Estate Investment Trust's commercial tower development in Kowloon, Hong Kong, is nearly 50%-leased already, ahead of its expected fourth-quarter launch. The (Hong Kong) Standard, citing Link Asset Management Assistant General Manager Filipe Leung, reported that clinics, retailers and co-working space providers are among the future tenants at 700 Nathan Road.

* Hong Kong's Lands Department will open Aug. 11 the bidding for Tai Po Town Lot No. 231 in Tai Po, New Territories. The residential site has an area of roughly 7,660 square meters. The tender will close Sept. 8.

* UBS' head of Asian utilities research, Simon Powell, told the South China Morning Post that the recent offshore and nonproperty-related activities of Li Ka-Shing's listed companies, Cheung Kong Property Holdings Ltd. and CK Hutchison Holdings Ltd., is a reflection of the empire's risk aversion strategy.

Australia

* Mirvac Group is planning to launch Australia's first major build-to-rent apartment fund that will see the listed company developing and managing housing units in capital cities with the support of superannuation funds. The Australian, citing Mirvac CEO Susan Lloyd-Hurwitz, reported that a potential Sydney site has been identified to jump-start the program.

Southeast Asia

* Country Garden Pacificview Sdn. Bhd., Country Garden Holdings Co. Ltd.'s Malaysian joint venture company, launched Aug. 4 an industrialized building system at its Forest City mixed-use development. Country Garden Pacificview claims that the asset is the world's largest industrialized building system factory, with the capacity to produce materials for an up to 1 million-square-meter built-up area, The (Singapore) Business Times reported.

* Philippines-based Robinsons Land Corp. opened its 45th mall in Iligan City, Lanao del Norte. Robinsons Place Iligan is a three-level mall featuring over 50,000 square meters of entertainment and retail space, The Philippine Star reported.

Other news

* A subsidiary of Frasers Centrepoint Ltd. offered, as planned, to acquire for €3.74 each, all the depository receipts it does not already own in European commercial real estate company Geneba Properties NV. The offer period for the depository receipts representing a 13.44% stake in Geneba opened Aug. 4 and will close Sept. 8, unless extended.

In July, Frasers Property Investments (Holland) BV purchased for roughly €315.9 million Catalyst RE Cooperatief U.A.'s 86.56% stake in the target.

* The United Nations Security Council approved a resolution that would ban North Korean exports and restrict investment activities in the country, among other things. The resolution was passed unanimously Aug. 5.

* Authorities in China, according to a Reuters exclusive, are looking to further tighten capital curb measures.

The news agency, citing three people familiar with the initiative, reported that the country's National Development and Reform Commission and Ministry of Commerce will take an even closer look at details of offshore transactions by Chinese companies, noting that they will be asked, among other things, to justify the merits and terms of the proposed deals.

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. Articles and links are correct as of publication time.

Cam Nones and John Chan contributed to this report.