Commonwealth Bank of Australia Ltd plans to sell down its 8.6% stake in Kiwi Income Property Trust, which is worth NZ$95.7 million based on its last trading price.
Real Estate
Dubai World subsidiary exits 50% stake in landmark hotel Fontainebleau Miami Beach
Istithmar World, a subsidiary of state-owned conglomerate Dubai World, has sold its 50% stake in Fontainebleau Miami Beach to Florida-based developer Turnberry Ltd. for an undisclosed sum.
Manulife purchases first office building to bet on demand
Manulife Financial Corp bought a 21-story office building in New York's financial district from Mitsui Fudosan Co in a deal worth $166.5 million to capitalize on growing demand, Bloomberg reported.
Australia's Westfield wins rights to lease out lower Manhattan subway stores
The Metropolitan Transit Authority has selected Westfield Group to lease out stores at the Fulton Street Transit Center. This would make the Australian shopping center owner a dominant retail landlord in lower Manhattan.
US Infrastructure gets near-failing grade by civil engineers group
In its latest assessment for the infrastructure in the US, the American Society of Civil Engineers' (ASCE) assessment had given the nation's roads, bridges, rail, drinking water, waste water, solid waste and others an aggregate almost flunking grade.
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A report said merger and acquisition transactions fell in the Asia-Pacific region caused by a slowing in the energy and raw materials sectors.
MBC Properties, the real estate arm of Miller Brothers Co, has bought the Bradford Mall in Pennsylvania and is planning to renovate the place and bring in new tenants.
Private equity firm Round Hill Capital is reportedly nearing a deal to exit fromproperty group Vitus Immobilien to Germany's Deutsche Annington Immobilien. The deal is expected to be worth €1.3 billion.
Investment bank Goldman Sachs Group will provide a $120 million loan to Warburg Pincus-backed warehouse firm e-Shang. e-Shang reportedly plans to go public in the next few years.
A South China Morning Post report said Greenland Hong Kong Holdings Ltd, the real estate arm of China's state-owned Greenland Group, bought a site in Huangpu, Shanghai for CNY5.95 billion or HK$7.59 billion.
Switzerland's biggest bank, UBS AG, will be entering the property market in Australia through a joint venture with local developer Grocon Pty, a Bloomberg report said.
Private equity giant Blackstone Group stands to get a huge profit from the initial public offering of Hilton Worldwide Holdings scheduled for today, a Bloomberg report said.
Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is investing $250 million in Hines India Real Estate, the Indian unit of American property management firm Hines, according to a source familiar with the investment.
Dexus Property Group and the Canadian Pension Plan Investment Board sweetened their bid for the property fund controlled by the Commonwealth Bank of Australia, Bloomberg reported.
