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

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

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.

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

<p>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><strong>("NPR")</strong> 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>.</p><p>The size of this offering could be around ¥34bn (~US$330mn). </p><p>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. </p><p>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. </p>

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)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/24027" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> (MFLP) is looking to raise about US$450m to partially fund the acquisition of two new assets. </p></div><div><p>This will be the second fund raising by the company this year. We covered the earlier deal in Jan 2020 in <a href="https://www.smartkarma.com/insights/mitsui-fudosan-logistics-park-placement-less-dilutive-and-more-accretive-than-the-previous-deal" target="_blank" rel="noopener">Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal</a>. We also covered the prior Jan 2019 raising in, <a href="https://www.smartkarma.com/insights/mitsui-fudosan-logistics-park-placement-accretive-and-well-flagged" target="_blank" rel="noopener">Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged</a>.</p></div>

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) is looking to raise about US$450m to partially fund the acquisition of two new assets. This will be the second fund raising by the company this year. We covered the earlier deal in Jan 2020 in Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal. We also covered the prior Jan 2019 raising in, Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged.

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion

<div><p><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 over US$400m to part fund the acquisition of four assets. </p></div><div>
<p>We have covered two past placement in the name earlier:</p>
<ul>
<li>US$110m raise in May 2019, <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>
</li>
<li>US$199m raise in Sep 2019,  <a href="https://www.smartkarma.com/insights/lasalle-logiport-reit-placement-back-with-a-more-accretive-acquisition-just-as-lock-up-expired" target="_blank" rel="noopener">LaSalle Logiport REIT Placement - Back with a More Accretive Acquisition Just as Lock-Up Expired</a>
</li>
</ul>
</div><div><p>Both the past deals have done well.</p></div>

Lasalle Logiport Reit (3466 JP) (LLR) plans to raise over US$400m to part fund the acquisition of four assets. 
We have covered two past placement in the name earlier:

US$110m raise in May 2019, LaSalle Logiport REIT Placement - Accretive Deal, Valuations Lag Peers

US$199m raise in Sep 2019,  LaSalle Logiport REIT Placement - Back with a More Accretive Acquisition Just as Lock-Up Expired


Both the past deals have done well.

LaSalle Logiport REIT Placement - Has Been Performing Well This Year

Japan

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nippon Prologis Reit (3283 JP)

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

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

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) is looking to raise about US$250m to partially fund the acquisition of two new assets and...

Sumeet Singh

LaSalle Logiport REIT Placement - Has Been Performing Well This Year

Lasalle Logiport Reit (3466 JP) (LLR) plans to raise over US$400m to part fund the acquisition of four assets. We have covered two past placement...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)