Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Most previous deals have done well; however, minimal DPU accretion could limit upside

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Equity Capital Markets

Japan Metropolitan Fund Investment Corporation / Equity Capital Markets

Japan Metropolitan Fund Investment Corporation (8953 JP)

Japan Metropolitan Fund Investment Corporation

<p><a href="https://www.smartkarma.com/entities/735" target="_blank" data-smartkarma-citation="entities:735:1">Japan Retail Fund Investment (8953 JP)</a> is raising approximately USD220m (JPY24.9bn) through a primary placement and JPY20bn through borrowings to acquire four properties.</p><p>The deal scores positively on our framework owing to its strong track record and extended trading period. The four properties to be acquired are urban properties which will reduce Japan Retail Fund's (JRF) suburban retail weighting down from 55.5% to 52.9%. This is positive for the fund given the current challenging prospects of…</p>

Japan Retail Fund Investment (8953 JP) is raising approximately USD220m (JPY24.9bn) through a primary placement and JPY20bn through borrowings to acquire four properties.The deal scores positively on our framework owing to its strong track record and extended trading period. The four properties to be acquired are urban properties which will reduce Japan Retail Fund's (JRF) suburban retail weighting down from 55.5% to 52.9%. This is positive for the fund given the current challenging prospects of…

Japan Retail Fund Placement - Barely Accretive Deal but Strong Track Record