Mitsui Fudosan Logistics Park Placement
Mitsui Fudosan Logistics Park is looking to raise around US$170m in its Primary Offering, to fund its acquisition of three properties and pay down its borrowings.We have also covered the REIT’s earlier offerings in:
Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion
Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal
Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged
With the exception of a pricey valuation, in terms of dividend yield, the deal scored well on our framework. The anticipated acquisitions, post-completion, will be accretive to both operating income and DPU, even after factoring in the dilution. While the REIT had instances where its past offerings broke deal price in its first one month, Mitsui Fudosan Logistics Park (MFLP) has overall provided strong unit performance on a one year basis. Historically, its unit price has also outperformed its peer set.
Mitsui Fudosan Logistics Park Inc. Mitsui Fudosan Logistics Park Inc is a real estate investment trust (REIT) company. It aims to achieve sustainable growth in asset and stable earnings from mid- to long-term perspectives. The Trust mainly invests in logistics facilities and other real estate assets in Japan, as well as in overseas. Its property portfolios include GLP/MFLP Ichikawa Shiohama, MFLP Kuki, MFLP Yokohama Daikoku, MFLP Yashio, MFLP Atsugi, MFLP Funabashi Nishiura, MFLP Kashiwa, MFLP Sakai, MFIP Inzai. The asset manager of the Trust is Mitsui Fudosan Logistics REIT Management Co., Ltd..
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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