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Greater China was home to the majority of Asia Pacific’s biggest real estate deals during the first half of 2019, with Hong Kong and Beijing scooping up the top positions.
Here are the top 10 property deals from across Asia Pacific that closed in H1 2019, as compiled by Real Capital Analytics.
10. Centralwalk shopping centre, Shenzhen
Centralwalk (image: Link REIT)
Hong Kong-listed Link REIT snapped up the Centralwalk shopping centre in the heart of Shenzhen’s CBD for RMB 6.6bn (US$986m), its first deal in the city.
The five-storey retail property has 83,900 sq.m. of retail space in the Futian district, known as a hub for Fortune 500 companies and multinational corporations. The sellers were the Yijing Group and PGIM Real Estate, according to RCA.
The deal marked the buyer’s second transaction in the Guangdong-Hong Kong-Macao Greater Bay Area, as the REIT sought to tap into the major developments undergoing in the area.
9. 80 Collins Street, Melbourne
80 Collins Street (image: Dexus)
Australian REIT Dexus and the Dexus Wholesale Property Fund teamed up to buy the 80 Collin Street development in Melbourne from Brisbane-based QIC Global Real Estate for A$1.476bn (US$1.03bn).
The 80 Collins Street precinct features 105,000 sq.m. of net lettable area in the CBD, including an existing 47-storey grade A office tower. It also features a new 35-level office tower, a new retail podium with 21 tenants and a 255-room boutique hotel.
8. Scentre Sydney CBD offices
Scentre Sydney CBD offices (image: Scentre Group)
Australian-listed Scentre Group offloaded its Sydney CBD office towers to US asset manager Blackstone for A$1.52bn (US$1.06bn).
The deal comprised 801,391 sq.ft. of office space in the heart of Sydney, where super low vacancy rates have fuelled robust rental growth in recent years.
7. Toranomon Ni-Chome office project, Tokyo
Tokyo
A consortium of investors including Dai-Ichi Life Holdings is believed to have acquired the 631,847 sq.ft. office project at 2-2-2 Toranomon in Tokyo from the Urban Renaissance authority for about US$1.12bn, according to RCA. There have been major developments underway in the Toranomon area in recent years.
6. Mapletree Bay Point, Hong Kong
Mapletree Bay Point (image: Mapletree)
PAG scooped up the 568,522 sq.ft. Mapletree Bay Point office in Kowloon East, Hong Kong from Mapletree Investments for about US$1.14bn, according to RCA.
5. Galaxy Mall, Tianjin
Tianjin
China Resources Land acquired the Galaxy Mall at 9 Fairyland Rd in China’s northeastern city of Tianjin for approximately US$1.15bn, says RCA.
CR took over the 2.5m sq.ft. retail property at the start of the year, renovating and rebranding the asset as MixC.
4. Dinghao Plaza, Beijing
Dinghao Plaza (image: Partners Group)
Swiss investment manager Partners Group and a consortium of investors bought the mixed-use Dinghao Plaza in Beijing’s ZGC area, known as the Silicon Valley of China, for US$1.34bn.
The Zug-based investor teamed up Sigma Delta Partners Investments, The Family Office Company and Ascent Real Estate Investors, which was formed by a spun-out team from the Carlyle Group.
3. Dazhongsi Zhongkun Plaza, Beijing
Beijing
Bytedance, the Chinese company behind the popular video social media app TikTok, is said to have bought the Dazhongsi Zhongkun Plaza in Beijing for US$1.34bn, according to RCA.
The 4.6m sq.ft. retail property was sold by Beijing Zhongkun Investment Group. The buyer reportedly had plans to convert the mall to office use, according to Mingtiandi.
2. Link REIT retail portfolio, Hong Kong
Link REIT Hong Kong retail portfolio (image: Gaw Capital)
Gaw Capital and a group of investors including Goldman Sachs bought a portfolio of 12 shopping centres in Hong Kong from Link REIT for HK$12bn (US$1.53bn).
The portfolio features 1.1m sq.ft. of prime retail space, including the Chun Shek, King Lam and Fortune shopping centres, across Hong Kong Island, Kowloon and the New Territories.
The portfolio also includes Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, Wah Ming Shopping Centre, Wah Sum Shopping Centre, Wang Fai Centre, and the retail and car parks within the Ap Lei Chau and Tai Ping estates.
1. Cityplaza Three and Four offices, Hong Kong
Cityplaza Three and Cityplaza Four (image: Gaw Capital)
Hengli Investments Holding and a fund managed by Gaw Capital purchased the Cityplaza Three and Cityplaza Four office towers in Hong Kong from Swire Properties for HK$15bn (US$1.91bn).
The two 22-storey grade-A office towers have 775,000 sq.ft. of gross floor area in the Taikoo Shing business precinct in Hong Kong’s Eastern district, offering Victoria Harbor views and direct walkways to Tai Koo MTR station and Cityplaza shopping mall.
The deal was first announced in June 2018 and closed in April this year.