Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Equity Capital Markets

Nippon Prologis Reit / Equity Capital Markets

After market-close on 20th January 2021, Japan's largest logistics REIT <a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a>("NPR") announced a <a href="https://www.prologis-reit.co.jp/file/en-news-b0d810c85e41af5a300408f36b3443f0d4da157a.pdf" target="_blank" rel="noopener">follow-on equity offering</a> to fund part of their<a href="https://www.prologis-reit.co.jp/file/en-news-ff89da88651b734300e60c8d18e6c0bc05cd7770.pdf" target="_blank" rel="noopener"> recent acquisition of three logistics facilities</a>.The size of this offering could be around ¥34bn (~US$330mn). The primary offer quantity will be 110,480 units out of which 64,080 units and 46,400 units are expected to be allocated for domestic and international investors respectively. In addition, there is also an over-allotment quantity of 5,520 units. The Offer Price will be determined between 27th January and 01st February (typically it has been the first day of this window for most JREIT offerings) and the day following the offer price determination day (pricing date) will be the application date.

After market-close on 20th January 2021, Japan's largest logistics REIT Nippon Prologis Reit (3283 JP)("NPR") announced a follow-on equity offering to fund part of their recent acquisition of three logistics facilities.The size of this offering could be around ¥34bn (~US$330mn). The primary offer quantity will be 110,480 units out of which 64,080 units and 46,400 units are expected to be allocated for domestic and international investors respectively. In addition, there is also an over-allotment quantity of 5,520 units. The Offer Price will be determined between 27th January and 01st February (typically it has been the first day of this window for most JREIT offerings) and the day following the offer price determination day (pricing date) will be the application date. 

JREIT Offering: Nippon Prologis REIT (3283 JP) - Take It (Vs Comps)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Industrial & Infrastructure Fund Investment / Equity Capital Markets

Industrial & Infrastructure Fund Investment

Industrial and Infrastructure Fund Investment Corporation (IIF) announced a share placement plan to raise up to USD 354 million for the acquisition of three properties. In this note, we will look at details of the placement and the impact of the deal and acquisition.

Industrial and Infrastructure Fund Investment Corporation (IIF) announced a share placement plan to raise up to USD 354 million for the acquisition of three properties. In this note, we will look at details of the placement and the impact of the deal and acquisition. 

Industrial and Infra REIT Placement: Cheap Purchase Aids DPU Accretive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<a href="https://www.smartkarma.com/entities/3822" target="_blank" data-smartkarma-citation="entities:3822:1" rel="noopener">Industrial &amp; Infrastructure Fund Investment Corp (3249 JP)</a> (IIF) plans to raise up to US$125m to part fund its purchase of five additional propertiesWe have earlier covered two of the company's previous fund raising:<ul>
<li>
<a href="https://www.smartkarma.com/insights/industrial-infra-reit-placement-dpu-accretive-strong-track-record" target="_blank" rel="noopener">Industrial &amp; Infra REIT Placement: DPU Accretive, Strong Track Record</a> in Feb 2017, and</li>
<li>
<a href="https://www.smartkarma.com/insights/industrial-and-infra-reit-placement-another-year-another-accretive-deal" target="_blank" rel="noopener">Industrial and Infra REIT Placement - Another Year Another Accretive Deal </a>in Feb 2018</li>
</ul>The current fund raising might not be as accretive as the prior deals owing to the staggered completions of the individual property acquisitions.

Industrial &amp; Infrastructure Fund Investment Corp (3249 JP) (IIF) plans to raise up to US$125m to part fund its purchase of five additional propertiesWe have earlier covered two of the company's previous fund raising:

Industrial &amp; Infra REIT Placement: DPU Accretive, Strong Track Record in Feb 2017, and

Industrial and Infra REIT Placement - Another Year Another Accretive Deal in Feb 2018
The current fund raising might not be as accretive as the prior deals owing to the staggered completions of the individual property acquisitions. 

Industrial and Infra REIT Placement - Timing of Acquisition Completions Makes DPU Accretion Tricky

APAC IPOs & Placements

Zhen Zhou, Toh

Lasalle Logiport REIT / Equity Capital Markets

<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 about US$199m in its upcoming placement. Proceeds will be used to fund the acquisition of ownership in a property and additional interest in an existing property.LLR completed its US$110m equity offering in June this year and <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> analyzed the deal in <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>.  Overall, the deal scores well on track record and price momentum but was dragged down by leverage. The deal is much more accretive (13.38% vs 5.12%) than its May placement.

Lasalle Logiport Reit (3466 JP) (LLR) plans to raise about US$199m in its upcoming placement. Proceeds will be used to fund the acquisition of ownership in a property and additional interest in an existing property.LLR completed its US$110m equity offering in June this year and Sumeet Singh analyzed the deal in LaSalle Logiport REIT Placement - Accretive Deal, Valuations Lag Peers.  Overall, the deal scores well on track record and price momentum but was dragged down by leverage. The deal is much more accretive (13.38% vs 5.12%) than its May placement.

LaSalle Logiport REIT Placement - Back with a More Accretive Acquisition Just as Lock-Up Expired

Smartkarma

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Research Reinvented

<a href="https://www.smartkarma.com/entities/3822" target="_blank" data-smartkarma-citation="entities:3822:1">Industrial &amp; Infrastructure Fund Investment Corp (3249 JP)</a> (IIF) plans to raise up to US$125m to part fund its purchase of seven additional properties and to increase its stake in three additional properties. The company is coming back to the market in just over a years time. My colleague, <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> had covered their earlier placement in Feb 2017 <a href="https://www.smartkarma.com/insights/industrial-infra-reit-placement-dpu-accretive-strong-track-record" target="_blank">Industrial &amp; Infra REIT Placement: DPU Accretive, Strong Track Record</a>. This deal scores well on our framework given the company's reasonable…

Industrial &amp; Infrastructure Fund Investment Corp (3249 JP) (IIF) plans to raise up to US$125m to part fund its purchase of seven additional properties and to increase its stake in three additional properties. The company is coming back to the market in just over a years time. My colleague, Ke Yan, CFA, FRM had covered their earlier placement in Feb 2017 Industrial &amp; Infra REIT Placement: DPU Accretive, Strong Track Record. This deal scores well on our framework given the company's reasonable…

Industrial and Infra REIT Placement - Another Year Another Accretive Deal

Japan

Japan Prime Realty Investment Corporation is a real estate investment trust (REIT) which mainly invests in office buildings and commercial-use facilities nationwide.

Nippon Accommodations Fund Inc. is a real estate investment trust (REIT), which invests in income producing properties.  The Company invests in residential buildings.

Sekisui House Reit, Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business office buildings and are located in Tokyo, Osaka and Nagoya area. Sekisui House Reit, Inc. also invests in commercial properties in foreign countries.

Activia Properties, Inc. is a real estate investment trust (J-REIT). The company mainly invests in commercial and office buildings in the Tokyo metropolitan area.

AEON REIT Investment Corporation is a real estate investment trust (REIT) which invests in securitized real estate products. The REIT mainly invests in suburban shopping centers.

Daiwa Office Investment Corporation is a real estate investment trust (REIT) which invests in securitized real estate products.

LaSalle Logiport REIT is a real estate investment trust (REIT) which invests in logistics facilities. It focus on investing in facilities in Tokyo and Osaka area.

MORI HILLS REIT INVESTMENT CORPORATION is a real estate investment trust (REIT). The Company invests in real estate properties such as commercial and office buildings.

Mori Hills REIT Investment Corporation (3234 JP)

Japan Hotel REIT Investment Corporation is a real estate investment trust(REIT) which invests in securitized real estate products. The Company mainly invests in real estate properties used in hotels.

Comforia Residential REIT, Inc. is a real estate investment trust (REIT). The company invests in leasing city apartments mainly in Tokyo area.

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

The Geo Group Inc. operates private correctional facilities located mostly in the United States, but also in Australia, Canada, New Zealand, and South Africa.  The Company offers educational programs, vocational training, and rehabilitation therapy services.

Equity Commonwealth is a real estate investment trust, or REIT. The Company primarily owns office buildings located in Central Business District and suburban areas of major metropolitan markets in the United States, and has a large concentration of properties leased to the U.S. Government and medical related tenants. Equity CommonWealth also owns industrial lands in Hawaii.

DiamondRock Hospitality Company is a self-advised real estate investment trust. The Company owns, acquires, and invests in upper scale and upscale hotel properties located in North America.  DiamondRock also invests in premium limited-service and extended-stay hotel properties in urban locations.

Sunstone Hotel Investors, Inc. is a hospitality and lodging real estate investment trust that owns primarily upper scale and upscale hotels in the United States. The Company's hotels are operated under various branded names.

Empire State Realty Trust Inc. is a real estate investment trust. The trust owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.

Urban Edge Properties is a real estate investment trust. The Company acquires, develops, owns and operates strip shopping centers and malls located in high barrier-to-entry markets. The Company operates within the United States.

Goodman Property Trust is a property trust that invests in, manages and develope portfolio of diversified property assets in Auckland. The Trust's portfolio comprises of office, industrial and retail properties.

National Storage REIT is a Real Estate Investment Trust.  The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania.

Acadia Realty Trust is a fully integrated and self-managed real estate investment trust. The trust specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail.  Acadia is headquartered in White Plains, NY.

Industrial & Infrastructure Fund Investment Corporation is a a real estate investment trust (REIT). The Company invests in real estate properties such as facilities for industry and infrastructure institution.

Industrial & Infrastructure Fund Investment (3249 JP)

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Industrial & Infrastructure Fund Investment (3249 JP)

JREIT Offering: Nippon Prologis REIT (3283 JP) - Take It (Vs Comps)

This fits the model in the J-REIT Offering Primer (published late 2020). All 9 previous offerings by N-Prologis have come at a 2.0% discount. And...

Janaghan Jeyakumar, CFA

Industrial and Infra REIT Placement: Cheap Purchase Aids DPU Accretive

Industrial and Infrastructure Fund Investment Corporation (IIF) announced a share placement plan to raise up to USD 354 million for the acquisition...

Ke Yan, CFA, FRM

Industrial and Infra REIT Placement - Timing of Acquisition Completions Makes DPU Accretion Tricky

Industrial & Infrastructure Fund Investment Corp (3249 JP) (IIF) plans to raise up to US$125m to part fund its purchase of five additional...

Sumeet Singh

LaSalle Logiport REIT Placement - Back with a More Accretive Acquisition Just as Lock-Up Expired

Lasalle Logiport Reit (3466 JP) (LLR) plans to raise about US$199m in its upcoming placement. Proceeds will be used to fund the acquisition of...

Zhen Zhou, Toh

Industrial and Infra REIT Placement - Another Year Another Accretive Deal

Industrial & Infrastructure Fund Investment Corp (3249 JP) (IIF) plans to raise up to US$125m to part fund its purchase of seven additional...

Sumeet Singh

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52-week Range

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