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GPT Metro confirms receiving unsolicited offer, sees 6.4% jump in portfolio value

* GPT Metro Office Fund, the listed fund of , conducted an independent revaluationof all of its properties as of March 31, following the receipt of an "unsolicited,confidential, highly conditional and non-binding proposal" to acquire all ofGPT Metro's units.

However,the offer has been withdrawn.

The Australian reportedthat Growthpoint Properties Australiais believed to have been the bidder for the company. The Australian Financial Review also reportedon the news.

In December2015, GPT Group CEO Bob Johnston saidthe company is taking a different business approach. The Australian speculates that this could include a sale of the fundor taking GPT Metro private.

The fundsaid its total portfolio's independent valuation rose 6.4% to A$439.3 million asof March 31, compared with A$412.9 million as at Dec. 31, 2015.The increase was attributed to income growth and a tightening in capitalizationrates.

* Real estate investors may stilladopt wise strategies in spite of a "longer winter" in the Asia-Pacificregion, The (Singapore) Business Times reported,citing UBS Asset Management directors.

Investorscould rely on loosening financial conditions as a supporting macroeconomic themein the region, with a better "tactical value" of investing in Australiaand Japan, compared to China, Hong Kong and Singapore, according to Toh Shaowei,UBS Asset Management director of research and strategy for Asia-Pacific.


* Vicinity Centres unveileda A$350 million redevelopment project for the Mandurah Forum Shopping Centre inWestern Australia. The company launched the plan in partnership with property co-ownerISPT.

The projectis part of a A$3.1 billion development pipeline, of which Vicinity's share is A$1.5billion, according to the company's CEO and managing director, Angus McNaughton.

* Centuria and BlackRock are tippedto be in the lead to acquire DEXUSProperty Group and GPT Wholesale Office Fund's A$280 million The Zenithoffice complex in Sydney's north shore, the AFRreported,citing unnamed sources.

The Zenithcomprises two 21-floor towers. In October 2015, its owners were said to have receivedan approximately A$285 million offer for the property that has a net lettable areaof 44,389 square meters, according to a previous report.

* Frasers Centrepoint Ltd.'s Frasers Property Australia Pty.Ltd. signed leasing deals with logistics firm Toll and automotive parts group Danafor the company's industrial properties in Melbourne, the AFR reported.The new deals allowed Frasers Property to secure more than 21,400 square metersof leasing commitments at its facilities in the city.

* Property developers are expectedto submit bids for the Australian Capital Territory government's sale of the 16-hectareBrickworks site in Canberra, which is believed to be capable of sustaining a residentialproject with an end value of more than A$500 million, The Australian reported,citing CBRE, the company managing the sale. Aside from up to 380 houses, the sitealso has the capacity for hotel and retail space, among other facilities.

* Denison Funds Management Ltd.'srestructuring of Denison DiversifiedProperty Fund could lead to a sale of its A$250 million portfolio, The Australian reported.The unlisted fund owns 14 suburban office and industrial properties along the country'seast coast, and it is mulling over selling or recapitalizing them, according tothe publication.


* Former Sun Hung Kai Properties Ltd. executive director Thomas ChanKui-yuen's corruption caseallegedly caused a rift within law firm Mossack Fonseca, caused by a debate overdropping the deep-pocketed client, The (U.K.)Guardian reported,citing German newspaper Süddeutsche Zeitungand the International Consortium of Investigative Journalists.

The issuereached its peak when the Panamanian law firm became doubtful of Sun Hung Kai Properties'instruction in 2012to shut down Yorkshire Ltd., a company in the British Virgin Islands. Mossack Fonsecaultimately discovered that Chan's tenure as a director in the shell company wasunlawful, as he had been taken into custody for bribery charges involving a HongKong government official.

* In other news, Sun Hung Kai PropertiesDeputy Managing Director Victor Lui Ting said the company off-loaded more than 90%of the initial batch of units at its OceanWings project in Tseung Kwan O, Hong Kong, with 12 more units plannedto be put on the market on April 6, The(Hong Kong) Standard reported.The company also plans to launch an additional 45 units for sale at the second phaseof its Ultima projecton April 8.

Meanwhile,Wheelock and Co. Ltd.sold 11 units out of the 74 flats for sale at its One Homantin project.

* Shanghai's in the property market hasbegun to affect residential deals and prices in the city, with the overall transactionarea for commercial housing properties falling 60.44% to 283,600 square meters inthe week ended April 3 from the previous week, The Standard reported,citing Shanghai property agency Uwin.

* City governments across Chinaare seeing tighter financing conditions for their public welfare fund loan programs,accordingto China Securities News. Loosened restrictionson loans have supported the recent rally in property sales but increased take-upof the loan facilities has left funding for the facilities short in some locations.


* Hankyu Realty Co.Ltd., based in western Japan, is looking to increase its sales of new apartmentsin the eastern capital region from around 300 units a year to 800 units in the fiscalyear ending March 2017, Tokyo's The Nikkeireported.

* Mori Trust Co. Ltd.forecasts that office space supply in Tokyo's 23 wards will drop sharply in 2017before bouncing back strongly in 2018 and 2019 in the run-up to the 2020 Tokyo Olympics,Jutaku-Shimpo-Sha reported. The company's supplyforecast is based on large office buildings with a gross floor area of 10,000 squaremeters or more.


* Philanthropist Tan Tock Seng'sdescendants are selling a 25,741-square-foot freehold site at 9 Cuscaden Road, borderedby the St Regis Residences Singapore and Tanglin Shopping Centre, The Business Times reported.The sellers expect to receive offers of between S$160 million and S$170 millionfor the property.


* Theshare prices of DLF Ltd.,Indiabulls Real Estate Ltd.and Indiabulls Housing Finance Ltd.declined on April 4 after leaked documents from law firm Mossack Fonseca revealedthat their promoters are associated with companies in tax-exempted regions, thePress Trust of India reported.The three companies refuted the claims, saying they have not committed any wrongdoing,according to the news outlet.


* Tighter lending policies andfewer property deals led mortgage loans in the country to grow at a slower paceyear over year in the first three months of 2016, The Korea Herald reported, citingdata from KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank, NH Bank andIndustrial Bank of Korea. The data from the six banks showed that accumulated mortgagesreached 355.39 trillion South Korean won in the first quarter.


* SP Setia Bhd.'s board confirmedDato' Khor Chap Jen to serve as the company's president and CEO. The board alsonamed Datuk Wong Tuck Wai as deputy president and COO, while Choy Kah Yew assumedthe CFO role. All appointments were effective April 1.

The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.