Daiwa House Logistics Trust (DHLT) is Singapore’s first REIT initial public offering (IPO) this year. Here are five things that investors should know about this IPO before you invest. 1. A Japan focused logistics properties portfolio DHLT’s initial portfolio comprises 14 logistics properties valued at approximately JPY80,570.0 million or S$952.9 million as of 30 June 2021. That said, the REIT will purchase these properties at an 11.8% discount to its appraised value, thus forking out just S$840.5 million. The REIT has an aggregate net lettable area (NLA) of approximately 423,920 square metres, spread across Greater Tokyo (39.0%), Hokkaido and Tohoku (37.2%), Greater Nagoya (11.8%) and Chugoku & Kyushu (12.0%). The REIT’s properties are closely interlinked with transportation and shipping networks. As at 1 October 2011, 79% of the REIT’s tenants comprise third-party logistics (3PL) and e-commerce players. The occupancy rate as of 1 October 2021 stood at 96.3%, and the properties have a long weighted average lease expiry (WALE) of 7.2 years....