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

<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

<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)

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

Japan

Japan Metropolitan Fund Investment Corporation operates real estate investment trust. The Company provides securitized real estate investment, real estate leasing, shopping centers investment, and other services. Japan Metropolitan Fund Investment provides its services throughout Japan.

Japan Metropolitan Fund Investment Corporation (8953 JP)

Japan Metropolitan Fund Investment Corporation

GLP J-REIT is a real estate investment trust (REIT). The company invests mainly in logistics facilities and related real estate properties.

Daiwa House REIT Investment Corp. is a real estate investment trust (REIT) which invests in securitized real estate products. The Company mainly invests in residential rental properties and commercial properties.

KDX Realty Investment Corporation operates a real estate investment trust company. The Company invests in office and residential buildings. KDX Realty Investment provides its services throughout Japan.

Japan Real Estate Investment Corporation is a real estate investment trust (REIT) which invests in real estate and securitized real estate products. The Company directly invests in office properties with a focus on 3 wards(Chiyoda, Chuo, and Minato) in Tokyo.

NOMURA REAL ESTATE MASTER FUND, INC. is a real estate investment trust (REIT). The Company is formed through merger of Nomura real estate master fund, Nomura real estate office fund, and Nomura real estate residential fund.

Japan Hotel REIT Investment Corporation is a real estate investment trust(REIT) which invests in securitized real estate products. The Company mainly invests in real estate properties used in hotels.

United Urban Investment Corporation is a real estate investment trust (REIT). The Company directly invests in real estate properties such as shopping centers, offices, hotels, and residential buildings.

ORIX JREIT Inc. is a real estate investment trust (REIT) which invests in securitized real estate products.  The Company directly invests in real estate properties such as offices, rental housings, and hotels.

Nippon Building Fund Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business offices and are located in Tokyo Major 5 wards and Kanto area.

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

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)

GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.

Dexus provides real estate services. The Company manages and invests in a portfolio of diversified properties, including office and industrial buildings, retail shopping centers, and car parks. Dexus serves customers in Australia and New Zealand.

Sabra Health Care REIT, Inc. is a real estate investment trust.  The trust owns nursing homes, rehabilitation centers, assisted living facilities, and independent living centers.

The Macerich Company is a fully integrated, self-administered and self-managed real estate investment trust.  The Company acquires, owns, redevelops, manages, and leases regional and community shopping centers located throughout the United States.

Independence Realty Trust, Inc. is an externally managed and advised apartment REIT focused on acquiring and owning well-located garden-style and mid-rise apartment properties throughout the United States.

Kite Realty Group Trust is a full-service, vertically integrated real estate company focused primarily on the development, construction, acquisition, ownership and operation of neighborhood and community shopping centers.  The company own properties in Indiana, Florida, Texas, Washington, Oregon, New Jersey, Illinois and Georgia.

Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

Apple Hospitality REIT, Inc. operates as a real estate investment trust. The Company focuses on investment in hotels, guest rooms, and resorts. Apple Hospitality REIT invests in the United States.

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)

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

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

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