Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>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> ("NPR") announced a US$183mn follow-on equity offering to fund their recent acquisition of a logistics facility.</li>
<li>The primary offer quantity will be 86,851 units out of which 51,090 units and 35,761 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Japan's largest logistics REIT Nippon Prologis Reit (3283 JP) ("NPR") announced a US$183mn follow-on equity offering to fund their recent acquisition of a logistics facility.
The primary offer quantity will be 86,851 units out of which 51,090 units and 35,761 units are expected to be allocated for domestic and international investors, respectively. 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Nippon Prologis (3283 JP) Offering: Lower Premium Vs Peers than Last Time

<ul>
<li>On 15th May 2023, large-cap logistics JREIT <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> ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 209,991 units. In addition, there will also be an over-allotment quantity of 3,200 units. The total size of this offering could be roughly ¥30.6bn (~US$225mn). </li>
<li>In this insight, we take a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


On 15th May 2023, large-cap logistics JREIT GLP J-REIT (3281 JP) ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 209,991 units. In addition, there will also be an over-allotment quantity of 3,200 units. The total size of this offering could be roughly ¥30.6bn (~US$225mn). 
In this insight, we take a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


GLP J-Reit (3281 JP): Cheaper than Peers, Offering Could Be a Catalyst

<ul>
<li>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 US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.</li>
<li>The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Japan's largest logistics REIT Nippon Prologis Reit (3283 JP) ("NPR") announced a US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Nippon Prologis REIT (3283 JP): Offering Could Be a Catalyst for Outperformance Vs Peers

<ul>
<li>Today after the close, large-cap logistics JREIT <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> ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after the close, large-cap logistics JREIT GLP J-REIT (3281 JP) ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

Mitsui Fudosan Logistics Park Inc / Event-Driven

Mitsui Fudosan Logistics Park Inc (3471 JP)

<ul>
<li>Yesterday after the close, Logistics JREIT <a href="https://www.smartkarma.com/entities/mitsui-fudosan-logistics-park-inc" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> (<strong>"MFLP"</strong>) announced a follow-on equity offering to fund part of their recently announced property acquisition. </li>
<li>The primary offer quantity is 32,380 units. In addition, there will also be an over-allotment quantity of 1,620 units. The total size of this offering could be roughly ¥20bn (~US$175mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Yesterday after the close, Logistics JREIT Mitsui Fudosan Logistics Park Inc (3471 JP) ("MFLP") announced a follow-on equity offering to fund part of their recently announced property acquisition. 
The primary offer quantity is 32,380 units. In addition, there will also be an over-allotment quantity of 1,620 units. The total size of this offering could be roughly ¥20bn (~US$175mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Mitsui Fudosan Logistics Park (3471 JP): Strong DPU Accretion Could Trigger Outperformance Vs Peers

Japan

Industrial & Infrastructure Fund Investment Corporation is a a real estate investment trust (REIT). The Company invests in real estate properties such as facilities for industry and infrastructure institution.

Industrial & Infrastructure Fund Investment (3249 JP)

Industrial & Infrastructure Fund Investment

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Industrial & Infrastructure Fund Investment (3249 JP)

Nippon Prologis (3283 JP) Offering: Lower Premium Vs Peers than Last Time

NPR's premium to peers in terms of PBV and dividend yield is currently below the long term average. This was not the case during their previous...

Janaghan Jeyakumar, CFA

GLP J-Reit (3281 JP): Cheaper than Peers, Offering Could Be a Catalyst

GLP appears to be fundamentally undervalued against peers and this follow-on equity offering could act as a catalyst to trigger outperformance vs...

Janaghan Jeyakumar, CFA

Nippon Prologis REIT (3283 JP): Offering Could Be a Catalyst for Outperformance Vs Peers

NPR's follow-on equity offerings have a very strong track record. I expect NPR to outperform Peers in the weeks following the Pricing Date.

Janaghan Jeyakumar, CFA

GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

Large-cap logistics JREIT GLP launched a US$227mn follow-on equity offering to fund its recently-announced acquisition of six logistics properties....

Janaghan Jeyakumar, CFA

Mitsui Fudosan Logistics Park (3471 JP): Strong DPU Accretion Could Trigger Outperformance Vs Peers

Large Cap logistics JREIT Mitsui Fudosan Logistics Park announced a ~US$175mn follow-on equity offering to fund recent acquisitions. This might...

Janaghan Jeyakumar, CFA

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