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

<ul>
<li>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> <strong>("NPR")</strong> announced a US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.</li>
<li>The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Japan's largest logistics REIT Nippon Prologis Reit (3283 JP) ("NPR") announced a US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Nippon Prologis REIT (3283 JP): Offering Could Be a Catalyst for Outperformance Vs Peers

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>
<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  around US$220m in its placement to acquire five assets, and increase its stake in a sixth one.</li>
<li>We have covered a number of past deals by the company, almost all of which have done well.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



GLP J-REIT (3281 JP) is looking to raise  around US$220m in its placement to acquire five assets, and increase its stake in a sixth one.
We have covered a number of past deals by the company, almost all of which have done well.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Most of the past Deals Have Done Well, This One Could Be Tricky

<ul>
<li>Today after the close, large-cap logistics JREIT <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> ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after the close, large-cap logistics JREIT GLP J-REIT (3281 JP) ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Mitsubishi Estate Logistics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> (MEL) is looking to raise US$203m to acquire two new properties. </li>
<li>The properties are expected to be more accretive to DPU than its last year's placement, the deal has also been well-flagged and MEL has made capital raise an annual routine.</li>
<li>In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.</li>
</ul>



Mitsubishi Estate Logistics (3481 JP) (MEL) is looking to raise US$203m to acquire two new properties. 
The properties are expected to be more accretive to DPU than its last year's placement, the deal has also been well-flagged and MEL has made capital raise an annual routine.
In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.


Mitsubishi Estate Logistics Placement - Annual Routine

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-fudosan-logistics-park-inc" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> is looking to raise around US$170m in its Primary Offering, to fund its acquisition of three properties and pay down its borrowings.</li>
<li>The anticipated acquisitions, post-completion, will be accretive to both operating income and DPU, even after factoring in the dilution.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Mitsui Fudosan Logistics Park Inc (3471 JP) is looking to raise around US$170m in its Primary Offering, to fund its acquisition of three properties and pay down its borrowings.
The anticipated acquisitions, post-completion, will be accretive to both operating income and DPU, even after factoring in the dilution.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Mitsui Fudosan Logistics Park Placement - Unit Price Has Historically Outperformed Peers

Japan

NIPPON PROLOGIS REIT INC. is a real estate investment trust (REIT) that directly invests in real estate properties used for logistics businesses.

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Nippon Prologis Reit (3283 JP)