Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<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> announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.</li>
<li>That is an occasion to look at how much of float is held by passive trackers. </li>
<li>A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.</li>
</ul>



Nippon Building Fund (8951 JP) announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.
That is an occasion to look at how much of float is held by passive trackers. 
A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.


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

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>Yesterday after the close, 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$270mn follow-on equity offering to fund their recent acquisition of three logistics facilities.</li>
<li>The primary offer quantity will be 84,290 units out of which 48,890 units and 35,400 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below, we take a look at the attractiveness of NPR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.</li>
</ul>


Yesterday after the close, Japan's largest logistics REIT Nippon Prologis Reit (3283 JP)("NPR") announced a US$270mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
The primary offer quantity will be 84,290 units out of which 48,890 units and 35,400 units are expected to be allocated for domestic and international investors, respectively. 
Below, we take a look at the attractiveness of NPR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.


Nippon Prologis REIT (3283 JP): Offering Could Trigger Outperformance Vs Peers

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

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties</li>
<li>We have covered a number of past placement for the stock, most of which have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties
We have covered a number of past placement for the stock, most of which have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Daiwa House Logistics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020:1" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. </li>
<li>In <a href="https://www.smartkarma.com/insights/daiwa-house-logistics-trust-ipo-the-flow-of-things" target="_blank" data-smartkarma-citation="insights:60978" rel="noopener">Daiwa House Logistics Trust IPO: The Flow of Things</a>, we outlined its attractive value proposition.  </li>
<li>Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable.</li>
</ul>



Daiwa House Logistics Trust (DHLT SP) has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. 
In Daiwa House Logistics Trust IPO: The Flow of Things, we outlined its attractive value proposition.  
Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable.


Daiwa House Logistics Trust IPO: Valuation Insights

<p>Last Friday after market-close, <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> (<strong>"GLP"</strong>) launched a follow-on equity offering (<a href="https://ssl4.eir-parts.net/doc/3281/tdnet/1993205/00.pdf" target="_blank" rel="noopener">J-only</a>) to fund part of their recent property acquisition. </p><p>The primary offer quantity is 142,513 units. Out of this, 83,831 units are expected to be allocated for domestic investors and 58,682 units are expected to be allocated for foreign investors. There is also an over-allotment quantity of 4,192 units. The total size of the offering could be approximately ¥26bn (~US$235mn). </p><div><p>The Offer Price will be determined between 30th June and 5th July 2021 (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>

Last Friday after market-close, GLP J-REIT (3281 JP) ("GLP") launched a follow-on equity offering (J-only) to fund part of their recent property acquisition. The primary offer quantity is 142,513 units. Out of this, 83,831 units are expected to be allocated for domestic investors and 58,682 units are expected to be allocated for foreign investors. There is also an over-allotment quantity of 4,192 units. The total size of the offering could be approximately ¥26bn (~US$235mn). The Offer Price will be determined between 30th June and 5th July 2021 (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: GLP J-REIT (3281 JP) - Take It Vs TSEREIT Index

Japan

Japan Logistics Fund Inc. is a real estate investment trust (REIT) that directly invests in real estate properties used for logistics businesses.  The Company also invests in securitized real estate products.

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

Japan Logistics Fund (8967 JP)

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

Nippon Building Fund (8951) - Japan's oldest and largest REIT - announced a small secondary offering. That provides an occasion to look at J-REIT...

Travis Lundy

Nippon Prologis REIT (3283 JP): Offering Could Trigger Outperformance Vs Peers

Japan's largest logistics REIT Nippon Prologis REIT announced a US$270mn follow-on equity offering to fund their recent acquisition of logistics...

Janaghan Jeyakumar, CFA

Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties.

Sumeet Singh

Daiwa House Logistics Trust IPO: Valuation Insights

Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable. Bookbuilding will end on 18 Nov, with an expected listing date...

Arun George

JREIT Offering: GLP J-REIT (3281 JP) - Take It Vs TSEREIT Index

GLP is a big boy of the Japan Logistics REITs space and REITs logistics have been a growth area. So far in 2021 they have underperf'd, but GLP...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)