S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week.
Takeovers Down Under
* Three takeover proposals Down Under kicked off the week, with Starwood Capital LLC boosting its previous bid by 21.4% to A$2.95 per unit for Australian Unity Office Fund.
NextDC Ltd., meanwhile, agreed to buy out the remaining 70.8% stake it does not already own in its data center landlord Asia Pacific Data Centre at A$2.00 per security following months of back and forth. Asia Pacific Data Centre shareholder 360 Capital Group has accepted the offer and sold its entire 67.3% stake in the target a few days after for A$154.8 million, giving NextDC 97.0% ownership.
* In another plot twist, Toronto-based Oxford Properties Group completed its purchase from Investa Commercial Property Fund of a 19.99% stake in its Investa Office Fund target to become the latter's largest shareholder. Investa Office Fund is also being eyed by private equity giant Blackstone Group LP.
Cross-border stake buys
* Singapore's Hotel Properties Ltd., through its East Phuket Holdings Pte. Ltd. unit, secured an effective 73.99% shareholding in Naka Yai Hotel Co. Ltd., a newly formed Thai hotel developer.
* In Europe, Minor International PCL, through its MHG Continental Holding (Singapore) Pte. Ltd. unit, launched its takeover bid for NH Hotel Group SA, offering to buy all the shares it does not own in the Spanish hotelier at €6.30 apiece.
* Real estate developer Nan Fung Group Holdings Ltd. purchased a major stake in Endurance Land Ltd., a London-focused developer and investor. The deal will see Endurance Land oversee Nan Fung's existing U.K. properties.
Hit the gong
* DaFa Properties Group Ltd. priced its IPO of 200 million shares in Hong Kong at HK$4.20 apiece as it seeks to raise about HK$740.0 million from the offering.
* The domestic component of Midea Real Estate Holding Ltd.'s IPO in the special administrative region garnered a 25.37% uptake, while the international offering saw a much firmer subscription rate of 97.46%.
* Dexus-backed Heathley Healthcare REIT's planned IPO on the Australian stock exchange is expected to raise A$250 million in proceeds after its shares in the offering were priced at A$2 per security.
* Moelis Australia Ltd. is planning a roadshow later in October, in preparation for Redcape Hotel Group Pty. Ltd.'s IPO on the Australian bourse. Redcape's shares are set to be priced at A$1.13 per security for a market capitalization of A$615.2 million and an enterprise value of A$1.02 billion.
Multibillion dollar assets on the market
* HNA Group Co. Ltd. ramped up its debt-cutting initiative after itwas reported to be looking at selling more than US$11 billion of properties covering more than 80 assets in China and overseas.
* Link Real Estate Investment Trust is also said to be on the sell side after Blackstone Group LP expressed its interest in purchasing over 10 of the REIT's shopping centers via a more than HK$10 billion deal.
* Henderson Land Development Co. Ltd. was on the receiving end of a HK$7.3 billion bid for its FWD Financial Centre property in Hong Kong's Central district.
* Chinese industrial conglomerate Fosun International Ltd. denied a report that it is selling its 60-story tower in Manhattan, N.Y., for US$1.6 billion.
* KKR & Co., South Korean real estate fund manager IGIS Asset Management Co. Ltd. and the National Pension Service of Korea are purchasing a mixed-use development in the Seoul district of Gangnam for about 2.1 trillion won.