Daiwa House Logistic Trust (“DHLT” or the ‘REIT”) launched its IPO on 19 Nov 2021, offering 244.438m units at S$0.80 each where 25m units will be for the public and the balance via placement. The IPO will close on 24 Nov 2021 at 12 noon and commence trading on 26 Nov 2021 at 2pm.

Separate from the above offering, Cornerstone Investors subscribed for 336.062m units and investors include Bangkok Life Assurance, Credit Suisse, DBS Bank, DWS, Nomura and others. At the completion of the offering, there will be 675m outstanding units and using the IPO price of S$0.80, the market cap will be around $540m.

I have blogged about my initial thoughts here and this is a more detailed write up.

Principal Business

DHLT is a REIT focused on logistics and industrial real estate assets located across Asia. The initial portfolio of DHLT will comprise 14 high quality modern logistics properties across Japan with an appraised value of JPY 80,750 million or S$952.9 million.