trending Market Intelligence /marketintelligence/en/news-insights/trending/zw2_bkiozrsvzlsgelbydq2 content esgSubNav
In This List

Westfield FY'17 FFO at top end of forecast; Blackstone targets Indiabulls stake


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Westfield FY'17 FFO at top end of forecast; Blackstone targets Indiabulls stake

* Westfield Corp.'s funds from operations amounted to US$707 million in the 2017 full year, up from US$700 million in 2016. The FFO per security of 34 cents was at the top end of its guidance of its 33.8 cents to 34.0 cents guidance for the period.

* Private-equity giant Blackstone Group LP is in talks for a 49% stake in the office rental business of Indiabulls Real Estate Ltd. as discussions are approaching final stages. A deal between US$600 million and US$650 million is reportedly being negotiated between the two.


* Daniel Fournier, president of Caisse, told Reuters that the Canadian pension fund's real estate arm is looking to double its C$800 million investment in the logistics and residential sector of India. Fournier was quoted by the news agency as saying that the planned investments will happen "the second we have the opportunity."


* APN Property Group, which owns Industria REIT and Convenience Retail REIT, announced, together with its interim results, that its board will be conducting a review of the group's capital structure, which will end in August. According to The Australian, the review might result in the merger of APN Property's two listed trusts.

* GDI Property Group said it will explore the development potential of the site surrounding its Mill Green complex in Perth under a partnership with Lendlease Corp. Ltd. GDI Managing Director Steve Gillard was reported by The Australian as saying that the pair's objective is to develop a new retail and commercial precinct in the city.

* Mirvac Group is offering to develop a "city within a building" at 80 Ann St. in Brisbane's central business district for Suncorp Group Ltd., The Australian reported. The developer is in competition with superannuation fund ISPT and a partnership between Charter Hall Group and Investa Office Fund to secure the contract to provide up to 40,000 square meters of inner-city space to the insurer.

Mirvac's plan for a 32-story building is intended for a prime site that it is looking to acquire from Wee Hur Holdings Ltd. as part of a A$79 million deal signed in December 2017.

* Mark Steinert, managing director of Stockland, said the company is planning to sell within the quarter a Woolworths-anchored neighborhood shopping center in the Melbourne suburb of Craigieburn. The Australian Financial Review reported that the property could reap approximately A$40 million.

* The A$90.8 million complex featuring 5,974 square meters of space at 299 Elizabeth St. in Sydney's Hyde Park was acquired by the Mah family under a deal brokered by Knight Frank and JLL, The Australian reported. The retail-office property adjoins to a grade B building that the family owns.

Hong Kong and China

* Hong Kong International Construction Investment Management Group Co. Ltd., the real estate development arm of Chinese conglomerate HNA Group Co. Ltd., pledged 1,394,214,012 of its shares to financial advisory services provider PAG Holdings Ltd. as collateral for an undisclosed amount of loan.

Based on Reuters' estimation, the shares in Hong Kong International could be worth approximately HK$3.1 billion.

* Country Garden Holdings Co. Ltd. redeemed, as planned, all of its outstanding 7.50% senior notes due 2023 after paying a price equal to 103.75% of the notes' aggregate US$750.0 million principal amount, including interest.


* Mori Hills REIT Investment Corp. signed deals with various banks to obtain loans totaling ¥16.90 billion. The REIT will direct the amount it will borrow for its proposed ¥7.50 billion purchase of additional beneficial interests in two Tokyo properties and for the early repayment of its loans that will expire March 30.

* Sekisui House Residential Investment Corp. is borrowing ¥6.10 billion from a syndicate of banks to bankroll its planned repayment of a ¥2.10 billion loan and redemption of ¥4.00 billion in investment corporation bonds. The bonds and the loan will expire Feb. 28.

* Nomura Real Estate Master Fund's ¥10 billion commitment line with The Bank of Tokyo-Mitsubishi UFJ Ltd. and the Sumitomo Mitsui Banking Corp. was extended until March 30, 2021, from its initial due date of March 30, 2020.


* The public bidding for a "residential/institution" site in Guillemard Road/Jalan Molek was launched with an indicative price of S$99 million, The (Singapore) Business Times reported. The site with a baseline gross floor area of approximately 77,071 square feet and a 2.8 plot ratio has the potential to be redeveloped into a new residential development with an allowable gross floor area of roughly 103,967 square feet, according to marketing agent Cushman & Wakefield.

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 contributed to this report.

As of Feb. 21, US$1 was equivalent to ¥107.72 and S$1.32.