Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This morning real estate manager <a href="https://www.smartkarma.com/entities/apn-property-group-ltd" target="_blank" data-smartkarma-citation="entities:3730:1" rel="noopener">Apn Property Group (APD AU)</a> made an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02373507-3A566928?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announcement</a> it had entered into a Scheme with <a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property (DXS AU)</a> at a price of A$0.915/share, a 50% premium to last close.
The Offer has the unanimous backing of APN directors. In addition, APN directors holding 33% of APN's outstanding shares intend to vote in favour of the Scheme.
APN Chairman Chris Aylward has separately granted Dexus a call option equal to 19.9% of APN's shares, exercisable in the event a competing proposal is announced.
The Scheme meeting is expected to be held mid-July with implementation potentially early August. 
Board support, a hefty premium to last close, and a decade-plus high - this is priced to complete and is trading accordingly.
More below the fold.

This morning real estate manager Apn Property Group (APD AU) made an announcement it had entered into a Scheme with Dexus Property (DXS AU) at a price of A$0.915/share, a 50% premium to last close.
The Offer has the unanimous backing of APN directors. In addition, APN directors holding 33% of APN's outstanding shares intend to vote in favour of the Scheme.
APN Chairman Chris Aylward has separately granted Dexus a call option equal to 19.9% of APN's shares, exercisable in the event a competing proposal is announced.
The Scheme meeting is expected to be held mid-July with implementation potentially early August. 
Board support, a hefty premium to last close, and a decade-plus high - this is priced to complete and is trading accordingly.
More below the fold.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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Equity Capital Markets

Dexus Convenience Retail REIT / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24247" target="_blank" data-smartkarma-citation="entities:24247:1">Convenience Retail REIT (CRR AU)</a> plans to raise up to US$125m in its IPO. The company will own service stations spread across the eastern states of Australia.While the headline yield of 6.8% FY19 looks appealing, however, it is only 40 bps higher than that offered by Viva Energy, even though Viva Energy is nearly 7x larger in terms of asset base and appears to be operationally better positioned. Moreover, the company remains a small player and given its size we fail to see why it deserves to list at a premium to book.

Convenience Retail REIT (CRR AU) plans to raise up to US$125m in its IPO. The company will own service stations spread across the eastern states of Australia.While the headline yield of 6.8% FY19 looks appealing, however, it is only 40 bps higher than that offered by Viva Energy, even though Viva Energy is nearly 7x larger in terms of asset base and appears to be operationally better positioned. Moreover, the company remains a small player and given its size we fail to see why it deserves to list at a premium to book. 

Convenience Retail REIT IPO - Yield Premium Not Enough to Make up for the Size Deficit

Australia

Carindale Property Trust is a development property trust which has an interest in the Westfield Shoppingtown Carindale.  The Centre includes a department store-based shopping center, tavern and home and leisure center.

Cedar Woods Properties Limited is a real estate development company for residential housing as well as industrial and commercial projects in Australia.

Servcorp Limited provides contracted serviced offices and virtual office services to clients throughout Australia, New Zealand, Asia and Europe. Serviced offices provide services ranging from secretarial services to office facilities management while virtual office services allow clients to work from anywhere with the same facilities and infrastructure.

Aspen Group is a property company specializing in the investment, ownership and management of high yielding commercial properties including tourism and caravan parks.  The Group also provides fund management services.

GDI Property Group is an integrated, internally managed property and funds management group with capabilities in ownership, management, refurbishment, leasing and syndication of office properties.

Finbar Group Limited is a property investment and development company. The Company develops apartments, town houses, residential, and specialized commercial buildings. Finbar Group serves customers in Australia.

Australian Unity Office Fund operates as a real estate investment trust. The Trust wholly owns a diversified portfolio of office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane, and Canberra.

Garda Property Group operates as an asset management company. The Company invests in commercial offices and industrial facilities, as well as provides fund management and real estate advisory services. Garda Property Group serves customers in Australia.

US Masters Residential Property Fund is a property trust that invests in residential property in the US. The fund's Initial Target Investment Area is the New York metropolitan area, which is often referred to as the Tri-State Area, and in particular in the Hudson County area.

Us Masters Residential Property Fund (URF AU)

AVJennings Limited operates in the land development and housing sectors. The Company constructs residential houses in Australia along with residential land development. AVJennings serves customers in Australia.

Immobiliare Grande Distribuzione SIIQ SpA (known as IGD SIIQ) invests in and operates Italian commercial real estate. The Company owns shopping malls and supermarkets.

Hektar Real Estate Investment Trust acquires and invests in income producing real estate in Malaysia.

Hektar Real Estate Investment Trust (HEKT MK)

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

Langham Hospitality Investments and Langham Hospitality Investment Limited is a stapled entity. The Company primarily owns and invests in a portfolio of hotels in Asia.

Sabana Industrial Real Estate Investment Trust is a real estate investment trust. The Trust focuses on investments in income-producing real estate used for industrial purposes in Asia, as well as real estate-related assets, in line with Sabana investment principles.

Oxley Holdings Ltd. develops real estate. The Company develops residential and commercial projects in accessible locations. Oxley also develops light industrial buildings that include swimming pools and other recreational amenities.

Dynamic Holdings Limited, through its subsidiaries, invests in and develops properties.  The Company also operates ports.

TOKYO RAKUTENCHI CO., LTD. leases real estate properties mainly in Kinshi-cho, Tokyo.  The Company also operates restaurants, saunas, bowling alleys, game centers, karaoke places, and theaters.

Kee Tai Properties Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent builders.

Fubon No 1 Real Estate Investment Trust is a property trust established in Taiwan as a standalone unit trust fund and constituted by a trust deed. Fubon No 1 REIT owns and leases a portfolio of office properties in Taipei.

Dexus Convenience Retail REIT operates as a real estate investment trust. The Company invests in service stations and convenience retail stores. Dexus Convenience serves customers in Australia.

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Dexus Convenience Retail REIT (DXC AU)

APN Prop (APD AU): Dexus' Done Deal

Board support, a hefty premium to last close, and a decade-plus high - this is priced to complete and is trading accordingly.

David Blennerhassett

Convenience Retail REIT IPO - Yield Premium Not Enough to Make up for the Size Deficit

Convenience Retail REIT (CRR AU) plans to raise up to US$125m in its IPO. The company will own service stations spread across the eastern states of...

Sumeet Singh

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