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SM Prime's profit up; Unibail CEO talks Westfield; Frasers inks €285M deal

* Filipino conglomerate SM Prime Holdings Inc. saw a 16.0% year-over-year jump in its net income for the full 2017 financial year to 27.60 billion Philippine pesos from 23.80 billion pesos. During the comparable period, the developer's consolidated revenue and overall operating income also grew respectively by 13.9% to 90.90 billion pesos and by 15% to 40.6 billion pesos.

* Unibail-Rodamco SE CEO Christophe Cuvillier maintained that his company's offer for Westfield Corp. is "full and fair" and that he sees no reason to change the US$15.68 billion bid, The Australian reported.

According to the paper, topping up the offer would reduce the bid's chances of being approved by shareholders of the European buyer. The deal advanced in January and secured unanimous positive opinions from the Unibail-Rodamco works council.

* Subsidiaries of Frasers Property Ltd.'s European arm entered into a roughly €285.2 million agreement to buy the project and asset management business of Alpha Industrial GmbH & Co. KG, as well as 22 of the latter's logistics and industrial assets in Germany and Austria, which were valued at approximately €581.3 million as of 2017-end.

Australia and New Zealand

* New Jersey fund manager Alpine Associates spent about A$60 million for the purchase of a 5.3% stake, or more than 2.3 million shares, in Australian hotel and resort operator Mantra Group Ltd., which is in the midst of a A$1.18 billion merger with AccorHotels, The Australian Financial Review reported.

* Middle Eastern airline Qatar Airways Ltd., through its Dhiafatina Hotels subsidiary, closed a roughly A$135 million deal to purchase the 174-room Sheraton Melbourne Hotel from local developer Golden Age Group Pty. Ltd., The Australian reported.

* A subsidiary of New Zealand-based industrial and business space provider Goodman Property Trust is offering up to NZ$75 million of 5.5-year fixed-rate senior secured bonds due Sept. 1, 2023, with an indicative annual issue margin range of 1.20% to 1.30%. The planned offering is slated to close Feb. 23, while the issuance is scheduled for March 1.


* Japan Real Estate Investment Corp. borrowed ¥6.50 billion from the Bank of Tokyo-Mitsubishi UFJ Ltd. for its early repayment of a short-term loan in the same amount from the same bank, which will expire Feb. 26.

* A Mitsui Fudosan Co. Ltd. subsidiary and Marubeni Corp. are jointly building a 58-level property in Naka Ward, Yokohama City. The 1,176-unit condominium and hotel building will open in 2020, Chunichi Shimbun reported.


* Mukesh Ambani, chairman and managing director of Reliance Industries Ltd., said the Indian conglomerate is looking to partner with major multinationals to develop a modern industrial campus in the western Indian state of Maharashtra. The Nikkei Asian Review reported that the cost of developing the proposed project could reach 600 billion rupees over the next 10 years.

According to the paper, 20 companies including Siemens, Cisco Systems, Nvidia and Nokia have already committed to lease space in the project.

* Singaporean wealth fund GIC Pte. Ltd. is in the box seat to purchase a more than 40% stake in Prestige Estates Projects Ltd.'s 5-million-square-foot office portfolio valued at US$200 million, The Times of India reported. Tenants of the portfolio include JP Morgan, Cisco, Microsoft and Mylan.

Hong Kong and China

* In full-year 2017, demand for real estate in Guangdong, China, flourished, with total sales area and sales amount reaching record highs of 160 million square meters and 1.88 trillion yuan, respectively, HiNet Times reported, citing a report from the Guangdong Real Estate Association.

Southeast Asia

* In the Philippines, Ayala Land Inc. is planning to raise between 15 billion and 20 billion pesos via debt issuance to cover its capital expenditure for 2018 and refinance its existing debt.

* Singaporean real estate investment trusts such as Ascendas Real Estate Investment Trust, Suntec Real Estate Investment Trust, CapitaLand Mall Trust, Frasers Centrepoint Trust, Mapletree Commercial Trust and Keppel REIT could reap benefits once Singaporean Finance Minister Heng Swee Keat's proposal to remove the tax on exchange-traded funds' investments in REITs is approved, Bloomberg Markets reported.

The proposal is among the resolutions included in the fiscal 2018 budget plan that Heng presented to the city-state's parliament.

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.

As of Feb. 19, US$1 was equivalent to 6.34 yuan, 64.51 Indian rupees, ¥106.58, NZ$1.36 and 52.34 Philippine pesos.