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.

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  around US$230m in its placement to acquire four assets located in Tokyo and Osaka. This is the third fund raising by the company in a little over a year. All of the past deals have done well.</p></div><div><p>Links to our coverage of previous 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>
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-already-back-for-more-but-still-getting-good-accretion" target="_blank" rel="noopener">GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion</a></li>
</ul></div><p>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</p>

GLP J-REIT (3281 JP) is looking to raise  around US$230m in its placement to acquire four assets located in Tokyo and Osaka. This is the third fund raising by the company in a little over a year. All of the past deals have done well.Links to our coverage of previous 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 
GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.

GLP J-REIT Placement - Almost All the past Deals Have Done Well but Shares Are at an All Time High

Alpha-Centric ESG Research

Kyle Rudden

<p>Announcements keep on coming from <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange (SGX SP)</a> and its SGX FIRST sustainable investing platform. Weeks after launching Climate Impact X – SGX's carbon exchange joint venture with DBS, Standard Chartered, and Temasek – the exchange announced (on 14 June) the launch of the <a href="https://www.smartkarma.com/entities/sgx-nikkei-esg-reit-index-futures" target="_blank" data-smartkarma-citation="entities:33480:1" rel="noopener">SGX Nikkei ESG-REIT Index Futures (JRTA INDEX)</a> contract.</p><p>For SGX, the launch further solidifies its position as Asia's leading financial exchange for all things sustainable investing and finance (and of course, REITs). For investors, the ESG-REIT Index futures contract expands the menu of products for REIT-related ESG investing. That is far more significant than it sounds; Real Estate is a sleeping ESG giant of sorts, and investment products are lacking.</p><p>Therein lies the second of two goals for this Insight. The first is, rather obviously, to delve into the SGX Nikkei ESG-REIT product – the underlying index and futures contract. The second is to take it as an opportunity to broach an important, but often underrated, topic – the relationships between ESG and the Real Estate sector, including REITs. Much of it positive, or at least potentially so.</p><p>Think about it. One billion buildings in the world already, and expected to double by 2060.</p>

Announcements keep on coming from Singapore Exchange (SGX SP) and its SGX FIRST sustainable investing platform. Weeks after launching Climate Impact X – SGX's carbon exchange joint venture with DBS, Standard Chartered, and Temasek – the exchange announced (on 14 June) the launch of the SGX Nikkei ESG-REIT Index Futures (JRTA INDEX) contract.For SGX, the launch further solidifies its position as Asia's leading financial exchange for all things sustainable investing and finance (and of course, REITs). For investors, the ESG-REIT Index futures contract expands the menu of products for REIT-related ESG investing. That is far more significant than it sounds; Real Estate is a sleeping ESG giant of sorts, and investment products are lacking.Therein lies the second of two goals for this Insight. The first is, rather obviously, to delve into the SGX Nikkei ESG-REIT product – the underlying index and futures contract. The second is to take it as an opportunity to broach an important, but often underrated, topic – the relationships between ESG and the Real Estate sector, including REITs. Much of it positive, or at least potentially so.Think about it. One billion buildings in the world already, and expected to double by 2060.

SGX Nikkei ESG-REIT Index Futures Launch Is an Ideal Backdrop for an Important Topic: ESG and REITs

<p>SF Real Estate Investment Trust (SFREIT), a logistics-focused REIT, aims to raise around US$300m in its Hong Kong IPO. SF REIT is sponsored by SF Holdings, listed in Shenzhen.</p><p>At the time of listing, SFREIT will own three properties located in Hong Kong, Foshan and Wuhu, all of which are modern logistics properties. The assets have an aggregated gross lettable area of approximately 307,617.5 sqm with an appraised value of HK$6.1bn, as at Mar 2021. The average occupancy of the properties was 95.3%, with a weighted average age of 3.5 years and weighted average remaining land tenure of 37.9 years.</p>

SF Real Estate Investment Trust (SFREIT), a logistics-focused REIT, aims to raise around US$300m in its Hong Kong IPO. SF REIT is sponsored by SF Holdings, listed in Shenzhen.At the time of listing, SFREIT will own three properties located in Hong Kong, Foshan and Wuhu, all of which are modern logistics properties. The assets have an aggregated gross lettable area of approximately 307,617.5 sqm with an appraised value of HK$6.1bn, as at Mar 2021. The average occupancy of the properties was 95.3%, with a weighted average age of 3.5 years and weighted average remaining land tenure of 37.9 years.

SF REIT Pre-IPO - One Trick Pony, Who’s Not Doing the Trick

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Lasalle Logiport REIT / Equity Capital Markets

<p>After market-close on 14th April, Logistics J-REIT <a href="https://www.smartkarma.com/entities/lasalle-logiport-reit" target="_blank" data-smartkarma-citation="entities:22658:1" rel="noopener">Lasalle Logiport REIT (3466 JP)</a> launched a <a href="http://lasalle-logiport.com/file/en-news-44b0c5bed854001d0e4980a029de993341612e77.pdf" target="_blank" rel="noopener">follow-on equity offering</a> to fund part of their recent property acquisition. </p><p>The primary offer quantity is 140,000 units out of which 73,850 units are expected to be allocated to the domestic market and 66,150 units are expected to be allocated to foreign buyers. There is also an over-allotment quantity of 7,000 units. The total size of this offering could be around ¥25bn (~US$230mn). </p><div><p>The Offer Price will be determined between 21st April and 26th April (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. </p></div><div><p><em>More below the fold.</em></p></div>

After market-close on 14th April, Logistics J-REIT Lasalle Logiport REIT (3466 JP) launched a follow-on equity offering to fund part of their recent property acquisition. The primary offer quantity is 140,000 units out of which 73,850 units are expected to be allocated to the domestic market and 66,150 units are expected to be allocated to foreign buyers. There is also an over-allotment quantity of 7,000 units. The total size of this offering could be around ¥25bn (~US$230mn). The Offer Price will be determined between 21st April and 26th April (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. More below the fold.

JREIT Offering: Lasalle Logiport REIT (3466 JP) - Take It (Vs Comps)

APAC IPOs & Placements

Zhen Zhou, Toh

Nippon Prologis Reit / Equity Capital Markets

<p><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> is looking to raise US$329m in its global follow-on offering to acquire three logistics properties.</p>
<p>We have covered the REIT's past placements in:</p>
<div>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/nippon-prologis-reit-placement-dpu-accretive-despite-lower-noi-yield-than-past-deals" target="_blank" data-smartkarma-citation="insights:35943" rel="noopener">Nippon Prologis REIT Placement: DPU Accretive Despite Lower NOI Yield than past Deals</a> in Jan 20</li>
<li>
<a href="https://www.smartkarma.com/insights/nippon-prologis-reit-placement-about-time-for-a-placement" target="_blank" rel="noopener">Nippon Prologis REIT Placement - About Time for a Placement </a> in June 2019</li>
<li>
<a href="https://www.smartkarma.com/insights/nippon-prologis-reit-placement-compares-well-with-prior-placements" target="_blank" data-smartkarma-citation="insights:18084" rel="noopener">Nippon Prologis REIT Placement - Compares Well with Prior Placements</a> in Feb 2018</li>
<li>
<a href="https://www.smartkarma.com/insights/nippon-prologis-placement-an-accretive-deal-in-a-stable-market" target="_blank" rel="noopener">Nippon Prologis Placement - An Accretive Deal in a Stable Market</a> in July 2017</li>
<li>
<a href="https://www.smartkarma.com/insights/nippon-prologis-reit-second-raise-this-year-smaller-size-and-lower-accretion" target="_blank" rel="noopener">Nippon Prologis REIT - Second Raise This Year; Smaller Size and Lower Accretion</a> in Dec 2016</li>
<li>
<a href="https://www.smartkarma.com/insights/nippon-prologis-reit-accretive-acquisition-and-good-past-deal-performance" target="_blank" rel="noopener">Nippon Prologis REIT - Accretive Acquisition and Good past Deal Performance</a> in Mar 2016</li>
</ul>
</div>

Nippon Prologis Reit (3283 JP) is looking to raise US$329m in its global follow-on offering to acquire three logistics properties.
We have covered the REIT's past placements in:



Nippon Prologis REIT Placement: DPU Accretive Despite Lower NOI Yield than past Deals in Jan 20

Nippon Prologis REIT Placement - About Time for a Placement  in June 2019

Nippon Prologis REIT Placement - Compares Well with Prior Placements in Feb 2018

Nippon Prologis Placement - An Accretive Deal in a Stable Market in July 2017

Nippon Prologis REIT - Second Raise This Year; Smaller Size and Lower Accretion in Dec 2016

Nippon Prologis REIT - Accretive Acquisition and Good past Deal Performance in Mar 2016



Nippon Prologis REIT Placement - It's that Time of the Year

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)

GLP J-REIT Placement - Almost All the past Deals Have Done Well but Shares Are at an All Time High

GLP J-REIT (3281 JP) is looking to raise around US$230m in its placement to acquire four assets located in Tokyo and Osaka. This is the third fund...

Sumeet Singh

SGX Nikkei ESG-REIT Index Futures Launch Is an Ideal Backdrop for an Important Topic: ESG and REITs

Singapore Exchange just launched the SGX Nikkei ESG-REIT Index futures contract. A multi-win for SGX, but it also serves as a reminder of how...

Kyle Rudden

SF REIT Pre-IPO - One Trick Pony, Who’s Not Doing the Trick

SF Real Estate Investment Trust (SFREIT), a logistics-focused REIT, aims to raise around US$300m in its Hong Kong IPO. SF REIT is sponsored by SF...

Sumeet Singh

JREIT Offering: Lasalle Logiport REIT (3466 JP) - Take It (Vs Comps)

Lasalle Logiport REIT trades slightly cheap to its large logistics peers and isn't issuing after a big run like last August. Take the deal.

Janaghan Jeyakumar, CFA

Nippon Prologis REIT Placement - It's that Time of the Year

Nippon Prologis REIT (NPR) is acquiring three new logistics properties from its parent company ProLogis K.K. (Prologis Inc (PLD US)).

Zhen Zhou, Toh

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