The logistics-focused REIT will price its offer between $4.68 and $5.16 per unit.
The first logistics-focused real estate investment trust, SF REIT, plans to raise up to $2.68b in its global offering, REIT manager SF REIT Asset Management Limited announced.
The global offering comprises of 520 million units, of which 52 million will be under the Hong Kong Public Offering; whilst the other 468 million will be under international offering.
The offer price ranges between $4.68 and $5.16 per unit. This could generate between $2.43b and $2.68b worth of proceeds.
This will be used to fund the acquisition of the predecessor group, Golden Bauhinia and its subsidiaries, which owns the Hong Kong Property, Foshan Property and Wuhu Property.
The initial portfolio of SF REIT will comprise of the three said properties with an aggregate gross lettable area of 307,617.5 sq.m.
“The properties of SF REIT are well-positioned to capture increasing demand for modern logistics properties arising from the growth of the logistics and e-commerce markets, as well as favourable government policies in Hong Kong and the PRC,” the company said.
The REIT manager also projected SF REIT’s profit attributable to unit holders and distributable income from the expected listing date, 17 May, to 31 December 2021, will be at least $112.4m and $136.9m, respectively.
SF REIT is backed by the S.F. Holdings Co. Ltd., the largest express delivery company in China.
Moreover, DBS Asia Capital Limited is the sole listing agent. It also joins the Credit Suisse (Hong Kong) Limited and J.P. Morgan Securities (Asia Pacific) Limited as the joint global coordinators.
