Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Lendlease Global Commercial REIT / Equity Capital Markets

<ul>
<li>In mid-February, <a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292:1" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> which owned 31.8% of the Jurong East MRT Station "Jem" complex announced it would buy the rest. </li>
<li>They announced they would issue new equity to pay for some of it. Predictably, the units fell, and fell vs Office/Retail Mixed-Use SREIT peers. </li>
<li>Now you can buy units of Singapore asset quality, acceptable leverage, high divi and something well cheap of peer-measured fair. </li>
</ul>


In mid-February, Lendlease Global Commercial REIT (LREIT SP) which owned 31.8% of the Jurong East MRT Station "Jem" complex announced it would buy the rest. 
They announced they would issue new equity to pay for some of it. Predictably, the units fell, and fell vs Office/Retail Mixed-Use SREIT peers. 
Now you can buy units of Singapore asset quality, acceptable leverage, high divi and something well cheap of peer-measured fair. 


Lendlease Global Offering to Buy the Rest of JEM - Big Deal, Cheap, Cheaper Than Peers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August. </li>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.</li>
<li>Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%. </li>
</ul>



Mapletree Commercial Trust (MCT SP) has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August. 

Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.
Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%. 


MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

<ul>
<li>Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.</li>
<li>The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.
The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> have added a cash-only option for <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders in addition to the scrip-only and cash-and-scrip options. </li>
<li>At current prices, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders will take the cash-only option. That means no passive flows following the implementation of the scheme.</li>
<li>At current prices, the entire preferential offering is likely to be taken up by MIPL. The increase in shares will be offset by a lower FIF/investability weight - no inflows.</li>
</ul>



Mapletree Commercial Trust (MCT SP) have added a cash-only option for Mapletree North Asia Commercial Trust (MAGIC SP) unitholders in addition to the scrip-only and cash-and-scrip options. 
At current prices, Mapletree North Asia Commercial Trust (MAGIC SP) unitholders will take the cash-only option. That means no passive flows following the implementation of the scheme.
At current prices, the entire preferential offering is likely to be taken up by MIPL. The increase in shares will be offset by a lower FIF/investability weight - no inflows.


Mapletree Merger: All-Cash Option; Current Prices Mean No Passive Flows

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>Quarz and MNACT holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV. </li>
<li>However there is a catch they want to stay invested in the assets, they have to buy MCT in the market or accept that the scrip ratio was correct. </li>
<li>To fund the Cash-Only Consideration option, there will be a Preferential Offering at S$2.0039/unit, and MIPL has offered to underwrite the entire deal. MNACT holders get a free option now.</li>
</ul>


Quarz and MNACT holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV. 
However there is a catch they want to stay invested in the assets, they have to buy MCT in the market or accept that the scrip ratio was correct. 
To fund the Cash-Only Consideration option, there will be a Preferential Offering at S$2.0039/unit, and MIPL has offered to underwrite the entire deal. MNACT holders get a free option now.


Mapletree Revise Scheme - Give MNACT Holders Cash for NAV and a Free Option

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

Lendlease Global Offering to Buy the Rest of JEM - Big Deal, Cheap, Cheaper Than Peers

Well-signalled and well-prepared equity placement takes place at a 10+% discount to peers and more if you count the div uplift. Buy the deal, or...

Travis Lundy

MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside

MCT has introduced a new cash-only consideration of S$1.1949 per MNACT unit, which Quarz considers fair. Including potential permitted 2H DPU, the...

Arun George

Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering. The deal is very well flagged.

Sumeet Singh

Mapletree Merger: All-Cash Option; Current Prices Mean No Passive Flows

The all cash option should result in MAGIC unitholders voting in favour of the MCT scheme. At current prices, MAGIC unitholders will choose cash...

Brian Freitas

Mapletree Revise Scheme - Give MNACT Holders Cash for NAV and a Free Option

MCT and MNACT have seen MIPL sponsor a cash-only consideration option for MNACT so MNACT holders can receive S$1.1949/share, which is 1.0x NAV....

Travis Lundy

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