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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Keppel Pacific Oak US REIT / Equity Capital Markets

<p>Keppel-KBS US REIT (KORE) is raising USD448m in its listing of US-based commercial REIT. Fellow insight provider <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a> has provided an excellent preview of the deal <a href="https://www.smartkarma.com/insights/keppel-kbs-us-reit-more-of-the-same-in-a-peaking-phase" target="_blank">here</a>. In this insight, we will continue from his effort, look at more details of the deal and score the deal in our ECM Framework. </p><div><h2>Deal and framework score overview</h2></div><p>The embed below is from our IPO tool, which has been designed to provide you with timely information on all IPO related events (Book open/closing, listing…</p>

Keppel-KBS US REIT (KORE) is raising USD448m in its listing of US-based commercial REIT. Fellow insight provider Will Tan, CAIA has provided an excellent preview of the deal here. In this insight, we will continue from his effort, look at more details of the deal and score the deal in our ECM Framework. Deal and framework score overviewThe embed below is from our IPO tool, which has been designed to provide you with timely information on all IPO related events (Book open/closing, listing…

Keppel-KBS US REIT IPO: Looks Cheap but Asset Mix Matters

Real Estate, General Equities

Will Tan

<p>As reported in the media recently, a Keppel KBS JV is targeting to list a US office REIT in Singapore later this year. If successfully listed this would be the second US office S-REIT following Manulife US REIT already listed in May 2016. In this note, pending more details from the prospectus and pricing, we share some of our first impressions on this IPO deal covering the portfolio and underlying US office market, quick comments on the Sponsor and relative comparison with listed peers / likely pricing. </p>

As reported in the media recently, a Keppel KBS JV is targeting to list a US office REIT in Singapore later this year. If successfully listed this would be the second US office S-REIT following Manulife US REIT already listed in May 2016. In this note, pending more details from the prospectus and pricing, we share some of our first impressions on this IPO deal covering the portfolio and underlying US office market, quick comments on the Sponsor and relative comparison with listed peers / likely pricing. 

Keppel-KBS US REIT: More of the Same in a Peaking Phase?

Singapore

BHG Retail REIT is a real estate investment trust (REIT) in Singapore.

EC World Real Estate Investment Trust (EC World REIT) is the first Chinese specialised logistics and e-commerce logistics REIT listed on SGX-ST. 

It has a portfolio of quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta which offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, China.
  
EC World REIT’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. 

EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. For more information, please visit: http://www.ecwreit.com/ 

EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd.

Manulife US REIT is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

Lippo Malls Indonesia Retail Trust is a real estate investment trust that invests in malls and other retail locations.

Lippo Malls Indonesia Retail Trust (LMRT SP)

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.

IREIT Global is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT Global’s current portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of approximately 384,000 sqm and a portfolio valuation of approximately €974.9 million.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

First Real Estate Investment Trust is a healthcare real estate investment trust. The Trust invests in and owns a diversified portfolio of healthcare and healthcare-related real-estate assets in Asia.

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Sentral REIT is a real estate investment trust. The trust invests in office and retail buildings, business and technology parks, data processing centers, and car parking facilities primarily in Malaysia.

UOA Real Estate Investment Trust is a real estate investment trust. The trust invests in and owns commercial real estate and real estate related assets.

Future Park Leasehold Property Fund is a closed-end property fund incorporated in Thailand. The Fund will invest in the long-term leasehold rights in the Leased Assets, certain of Future Park Rangsit Project Building in Bangkok.

Future Park Leasehold Prop F (FUTUREPF TB)

Franklin Street Properties Corp. operates an investment firm. The Company focuses on investments in commercial properties, mainly institutional quality office assets in the United States. FSP also provides real estate operations including property acquisitions and dispositions, short-term financing, leasing, development and asset management.

Societe de la Tour Eiffel invests and manages business and office spaces in Paris and in the French provinces.  The Company opted for the SIIC legal status in 2004.

Capital & Regional plc operates as a real estate investment company. The Company owns, operates, and develops shopping centers. Capital & Regional serves customers in the United Kingdom.

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.

China Merchants Commercial Real Estate Investment Trust operates as a Hong Kong collective investment scheme. The Company invests primarilyin income-generating properties and uses the income to provide stable returns to itsunitholders. China Merchants Commercial Real Estate Investment Trust provides services in Hong Kong.

China Merchants Commercial REIT (1503 HK)

CP Tower Growth Leasehold Property Fund operates as a closed-end, real estate, investment fund. The Company invests in office space and commercial buildings.

CP Tower Growth Leasehold Property Fund (CPTGF TB)

LH Shopping Centers Leasehold Real Estate Investment Trust operates as a Real Estate Investment Trust out of Bangkok, Thailand.

Keppel Pacific Oak US REIT operates as a real estate investment trust with properties located in the United States. The Company invests in a diversified portfolio of income-producing commercial and real estate assets in key growth markets of the US.

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Keppel Pacific Oak US REIT (KORE SP)

Keppel-KBS US REIT IPO: Looks Cheap but Asset Mix Matters

Keppel-KBS US REIT (KORE) is raising USD448m in its listing of US-based commercial REIT. Fellow insight provider Will Tan, CAIA has provided an...

Ke Yan, CFA, FRM

Keppel-KBS US REIT: More of the Same in a Peaking Phase?

As reported in the media recently, a Keppel KBS JV is targeting to list a US office REIT in Singapore later this year. If successfully listed this...

Will Tan

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