Activia Properties Placement
Activia Properties Inc (3279 JP) plans to raise around US$200m/JPY22bn to fund the acquisition of three assets worth JPY43.5bn.We have previously covered four other deals in the name:
US$220m in Dec 2018, Activia Properties Placement - Time for the Annual Fund Raise, DPU Accretive, past Deals Did Wel
lUS$130m in Dec 2017, Activia Properties Placement - Back Again in Just over a Year, past Deals Have Done Well
US$270m in Nov 2016, Activia Properties - Back for the Annual Capital Raise but Macro Might Not Be Supportive This, and
US$161m in Dec 2015, Activia Properties - Accretive Acquisition Should Add to the Previous Deals Record.
Most of the prior deals have done well over the short-term. In this note, we will run the deal through our ECM framework and talk about the deal dynamics.
Co. is engaged in the management of urban hotels including restaurants and banquet halls operating inside the hotels. Co. operates its chain of Tokyu Hotels throughout Japan such as Ginza Tokyu Hotel, Yokohama Tokyu Hotel, Nagoya Tokyu Hotel, Kyoto Tokyu Hotel and Osaka Tokyu Hotel. Co. is also engaged in the operation of linen supplies, laundry services and restaurants; the provision of costume rental service.
Tokyu Fudosan Holdings is a holding company mainly engaged in the real estate business. Co., through its subsidiaries and associated companies, operates in seven business segments: Urban Development, Residential, Property Management, Real-Estate Agents, Wellness, Tokyu Hands, and Innovation Business. Co. is engaged in the development, construction and sale of condominiums, detached houses and buildings; the contracted construction of custom-built houses; the retail sale of materials for living; the development, lease, under lease and management of buildings; the facilities management for buildings and condominiums; the operation of leisure and sports facilities; and others.
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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