Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

NBF (8951 JP) REIT Offering: Pricing Announced. Wide Discount to Undisturbed.

Nippon Building Fund (8951): Offering Could Trigger Outperformance Vs TSEREIT Index

Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Japan's largest Office REIT <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> ("NBF") announced a ¥140bn (~US$1.3bn) <a href="https://www.nbf-m.com/nbf_e/release/files/20201009_Notice%20Concerning%20Issue%20of%20New%20Investment%20Units%20and%20Secondry%20Offering%20on%20Investments%20Units.pdf" target="_blank" rel="noopener">follow-on equity offering</a> on 9th October 2020 to fund their recent acquisition of Shinjuku Mitsui Building and Gran Tokyo South Tower. </p>
<p>This is the biggest REIT offering in Japan this year so far, is large historically, and is the first offering by NBF, the largest Office REIT by Market Cap since 2014.</p>
<p>NBF plans to offer 171,000 units in the Domestic Primary Offering and 58,000 units in the International Offering (mainly in the U.S., Europe and Asia). However, final allocation can be different depending on demand conditions. The over-allotment quantity will be 11,500 units. </p>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/165/065/original/Price%20Performance.png?1602594897" class="editor-image img-responsive" data-smartkarma-image-id="165065"></figure>
<div class="content-caption">Source: Quiddity, Capital IQ (Data)</div>
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<p><em>As always, there is more below the fold. </em></p>

Japan's largest Office REIT Nippon Building Fund (8951 JP) ("NBF") announced a ¥140bn (~US$1.3bn) follow-on equity offering on 9th October 2020 to fund their recent acquisition of Shinjuku Mitsui Building and Gran Tokyo South Tower. 
This is the biggest REIT offering in Japan this year so far, is large historically, and is the first offering by NBF, the largest Office REIT by Market Cap since 2014.
NBF plans to offer 171,000 units in the Domestic Primary Offering and 58,000 units in the International Offering (mainly in the U.S., Europe and Asia). However, final allocation can be different depending on demand conditions. The over-allotment quantity will be 11,500 units. 


Source: Quiddity, Capital IQ (Data)

As always, there is more below the fold. 

Mori Hills REIT Investment Corporation (3234 JP)

Nippon Building Fund (8951 JP) REIT Offering: Take It