Daiwa House Logistics Trust (DHLT) has lodged its prospectus. It is the first REIT - albeit modestly sized - to attempt an IPO since the listing of United Hampshire US REIT in March last year.
The initial portfolio of DHLT is likely to comprise 14 logistics properties in Japan with a net lettable area (NLA) of 423,920 sq m and a total land area of approximately 420,393 sq m.
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The appraised value of the IPO portfolio is approximately ¥80.57 billion ($952.9 million). The agreed purchase value is estimated at ¥71.07 billion ($840.5 million).
The annualised distribution per unit yield in 2021 is forecast to be around 6.3%, rising to 6.5% in 2022. The IPO price is estimated at 80 cents, and net asset value is likely to be 81 cents.
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The cornerstone investors are Bangkok Life Assurance Public Co, Credit Suisse, various units in DBS Bank, Nomura Securities, DWS Investments Australia, Kuan Meng Investments which belongs to Philip Ng, Metro ARC Investments, a unit of Metro Holdings and Hazelview Securities.
