Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>In 2020, we have so far witnessed 15 follow-on JREIT offerings cumulatively raising JPY463bn (~US$4.5bn). This has been something of a weak year, understandable because of the covid-19 crisis which hit equity market and JREIT prices in March, and keeping them soft for months afterwards.</p>
<p>Historically, January and February are the busiest months, for a variety of reasons.</p>
<p>From 2015-2020, on average, there have been ~7 offerings from the top 40 JREITs announced within the first two months of the calendar year accounting for roughly a third of the total number of offerings in each year during that period. </p>
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Source: Quiddity, Capital IQ (Data)</div>
In this insight, we take a look at the prospective candidates who are most likely to launch follow-on equity offerings near-term, and we look at the performance characteristics of J-REIT follow-on offerings and the likelihood of profit from participating in the event.</section>

In 2020, we have so far witnessed 15 follow-on JREIT offerings cumulatively raising JPY463bn (~US$4.5bn). This has been something of a weak year, understandable because of the covid-19 crisis which hit equity market and JREIT prices in March, and keeping them soft for months afterwards.
Historically, January and February are the busiest months, for a variety of reasons.
From 2015-2020, on average, there have been ~7 offerings from the top 40 JREITs announced within the first two months of the calendar year accounting for roughly a third of the total number of offerings in each year during that period. 









Source: Quiddity, Capital IQ (Data)
In this insight, we take a look at the prospective candidates who are most likely to launch follow-on equity offerings near-term, and we look at the performance characteristics of J-REIT follow-on offerings and the likelihood of profit from participating in the event.

J-REIT Offering Primer: Get Ready for Offering Season 2021

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> is looking to raise about US$490m in its placement to acquire seven properties.</p>
<p>Our coverage of previous three placements done by GLP J-REIT:</p>
</div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-accretive-acquisition-past-deals-have-done-well" target="_blank" rel="noopener">GLP J-REIT Placement - Accretive Acquisition, past Deals Have Done Well</a></li>
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-a-large-but-accretive-acquisition" target="_blank" rel="noopener">GLP J-REIT Placement - A Large but Accretive Acquisition</a></li>
<li>
<a href="https://www.smartkarma.com/insights/glp-j-reit-placement-setting-a-new-trend-for-jreits" target="_blank" data-smartkarma-citation="insights:40622" rel="noopener">GLP J-REIT Placement - Setting a New Trend for JREITs</a> </li>
</ul></div><div><p>In this insight, we'll run the deal through our ECM framework and comment on deal dynamics.</p></div>


GLP J-REIT (3281 JP) is looking to raise about US$490m in its placement to acquire seven properties.
Our coverage of previous three placements done by GLP J-REIT:

GLP J-REIT Placement - Accretive Acquisition, past Deals Have Done Well
GLP J-REIT Placement - A Large but Accretive Acquisition

GLP J-REIT Placement - Setting a New Trend for JREITs 
In this insight, we'll run the deal through our ECM framework and comment on deal dynamics.

GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/24027" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> (MFLP) is looking to raise about US$450m to partially fund the acquisition of two new assets. </p></div><div><p>This will be the second fund raising by the company this year. We covered the earlier deal in Jan 2020 in <a href="https://www.smartkarma.com/insights/mitsui-fudosan-logistics-park-placement-less-dilutive-and-more-accretive-than-the-previous-deal" target="_blank" rel="noopener">Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal</a>. We also covered the prior Jan 2019 raising in, <a href="https://www.smartkarma.com/insights/mitsui-fudosan-logistics-park-placement-accretive-and-well-flagged" target="_blank" rel="noopener">Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged</a>.</p></div>

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) is looking to raise about US$450m to partially fund the acquisition of two new assets. This will be the second fund raising by the company this year. We covered the earlier deal in Jan 2020 in Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal. We also covered the prior Jan 2019 raising in, Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged.

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion

Lasalle Logiport REIT / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/22658" target="_blank" data-smartkarma-citation="entities:22658:1" rel="noopener">Lasalle Logiport Reit (3466 JP)</a> (LLR) plans to raise over US$400m to part fund the acquisition of four assets. </p></div><div>
<p>We have covered two past placement in the name earlier:</p>
<ul>
<li>US$110m raise in May 2019, <a href="https://www.smartkarma.com/insights/lasalle-logiport-reit-placement-accretive-deal-valuations-lag-peers" target="_blank" data-smartkarma-citation="insights:29980" rel="noopener">LaSalle Logiport REIT Placement - Accretive Deal, Valuations Lag Peers</a>
</li>
<li>US$199m raise in Sep 2019,  <a href="https://www.smartkarma.com/insights/lasalle-logiport-reit-placement-back-with-a-more-accretive-acquisition-just-as-lock-up-expired" target="_blank" rel="noopener">LaSalle Logiport REIT Placement - Back with a More Accretive Acquisition Just as Lock-Up Expired</a>
</li>
</ul>
</div><div><p>Both the past deals have done well.</p></div>

Lasalle Logiport Reit (3466 JP) (LLR) plans to raise over US$400m to part fund the acquisition of four assets. 
We have covered two past placement in the name earlier:

US$110m raise in May 2019, LaSalle Logiport REIT Placement - Accretive Deal, Valuations Lag Peers

US$199m raise in Sep 2019,  LaSalle Logiport REIT Placement - Back with a More Accretive Acquisition Just as Lock-Up Expired


Both the past deals have done well.

LaSalle Logiport REIT Placement - Has Been Performing Well This Year

<p><a href="https://www.smartkarma.com/entities/11009" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> plans to raise up to US$192m in order to partly fund the acquisition of four assets.</p><p>We have covered two prior deals for the JREIT, both of which did well:</p><ul>
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-accretive-acquisition-past-deals-have-done-well" target="_blank" rel="noopener">GLP J-REIT Placement - Accretive Acquisition, past Deals Have Done Well</a></li>
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-a-large-but-accretive-acquisition" target="_blank" rel="noopener">GLP J-REIT Placement - A Large but Accretive Acquisition</a></li>
</ul><p>In this insight, we'll run the deal through our ECM framework and comment on deal dynamics.</p>

GLP J-REIT (3281 JP) plans to raise up to US$192m in order to partly fund the acquisition of four assets.We have covered two prior deals for the JREIT, both of which did well:
GLP J-REIT Placement - Accretive Acquisition, past Deals Have Done Well
GLP J-REIT Placement - A Large but Accretive Acquisition
In this insight, we'll run the deal through our ECM framework and comment on deal dynamics.

GLP J-REIT Placement - Setting a New Trend for JREITs

Japan

GLP J-REIT is a real estate investment trust (REIT). The company invests mainly in logistics facilities and related real estate properties.

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GLP J-REIT (3281 JP)

J-REIT Offering Primer: Get Ready for Offering Season 2021

JREIT Follow-On Offerings - A Primer: January and February are the busiest times of the year for a variety of reasons and there are multiple...

Janaghan Jeyakumar, CFA

GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion

GLP J-REIT is looking to acquire seven properties. Despite coming back to market less than half a year since its previous placement, the deal will...

Zhen Zhou, Toh

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) is looking to raise about US$250m to partially fund the acquisition of two new assets and...

Sumeet Singh

LaSalle Logiport REIT Placement - Has Been Performing Well This Year

Lasalle Logiport Reit (3466 JP) (LLR) plans to raise over US$400m to part fund the acquisition of four assets. We have covered two past placement...

Sumeet Singh

GLP J-REIT Placement - Setting a New Trend for JREITs

GLP J-REIT (3281 JP) plans to raise up to US$192m in order to partly fund the acquisition of four assets.We have covered two prior deals for the...

Sumeet Singh

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