Nippon Building Fund Placement
Nippon Building Fund is looking to raise around US$260m in its Primary Offering, to fund the acquisition of two properties.We have also covered the REIT’s earlier offerings in:
- Nippon Building Fund Placement - Needs to Correct Some More Given the Weak Sentiment
Overall, the deal scored well on most metrics on our framework. Its target acquisitions are expected to be accretive to bottomline and historically, the REIT has been able to consistently grow its asset base and deliver value to unitholders. However, the office sector has been suffering from deteriorating sentiment as of late and analysts have grown more pessimistic on the REIT’s unit price.
Nippon Building Fund is a real estate investment trust that invests in office properties and is managed by Nippon Building Fund Management Ltd. Co. employs funds raised through shareholder subscriptions and borrowing to invest in real estate, real estate-backed securities, trust beneficiary rights and other assets. As of Dec 31 2013, Co.'s portfolio consisted of 71 properties with 1,116 tenants and total leasable 1,038,549 sq. m. of area. 86% of total portfolio is in Central Tokyo and the Tokyo Metropolitan area including Kanagawa, Chiba, Saitama, Ibaraki, and Tochigi Prefectures, Japan. The remaining is in the regional cities, such as Sapporo, Sendai, Fukushima, and Niigata, 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.
Hong Kong,
China ADRs,
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Australia, and
ASEAN.
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