Japan Prime Realty Placement
Japan Prime Realty aims to raise around US$130m in its Primary Offering, to fund its acquisition of the Tokyo Tatemono Higashi Shibuya Building and repay borrowings.We have also covered the REIT’s earlier offerings in:
Japan Prime Realty Placement - A Straightforward and Accretive Acquisition
Japan Prime Realty - Decent Property, Strong Track Record
Take the deal owing to its track record and reasonable relative valuations
Overall, the deal scores well on our framework, with the exception of price momentum. The deal is also somewhat anticipated, given that the REIT’s asset replacement strategy has been in the works for a couple of months now.
Japan Prime Realty Investment is a real estate investment trust that invest in office buildings and commercial facilities and is managed by Tokyo Realty Investment Management, Inc. with focuses on the risk and return profile of the investments. As of June 30 2015, Co.'s portfolio consisted of 62 properties with 647 tenants and total rentable 475,007.79 sq. m. of area mainly in Tokyo and the Tokyo Metropolitan Area including Chiba, Kanagawa, and Saitama Prefectures as well as in Niigata, Osaka, Fukuoka, Okinawa, Miyagi, Wakayama, Aichi, and Hyogo Prefectures, Japan.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
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