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FACTBOX-Major cross-border property deals led by Asia firms

Published 09/14/2009, 04:46 AM
Updated 09/14/2009, 04:51 AM
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Sept 14 (Reuters) - Asian investors from Singapore to Japan and South Korea to Malaysia are scouting for prime commercial buildings in London, New York, Sydney and other major financial centres, hoping to buy property at attractive prices.

Japan's second-biggest developer Mitsubishi Estate Co, which took control of the U.S. Rockefeller Group, is preparing to launch a property fund to chase office buildings in New York.

Following is a list of major cross-border property deals led by Asian firms since December:

Late August: A consortium led by the Qatar sovereign wealth fund and China Investment Corp agrees to take a stake in Songbird Estates, majority owner of London's Canary Wharf financial hub.

July 9: A consortium led by South Korea's Woori Investment & Securities picked as preferred buyer of Telstra Tower in Sydney in a deal valued by South Korean media at $172 million.

July 2: South Korea's National Pension Service (NPS), the world's 5th-largest pension fund, said it would jointly buy an office building in central Tokyo with private equity house The Carlyle Group for about $376 million.

June 23: American International Group (AIG) agrees to sell two downtown Manhattan buildings, including its HQ, to a consortium led by South Korea's Kumho Investment Bank for $150 million.

May 28: Japan's Nippon Life Insurance buys AIG's prime Tokyo real estate asset for about $1.2 billion.

Dec 2008: Mitsui Fudosan bought a building in New York for an undisclosed sum. (Reporting by Kim Yeon-hee in SEOUL and Mariko Katsumura in TOKYO; Editing by Valerie Lee)

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