Since February, public REITs have changed the decline of last year, and the secondary market has ushered in a significant increase.
Among them, Bosera Shekou Industrial Park REIT and Harvest Jingdong Warehousing Infrastructure REIT have risen as high as high in the past month. 02%, Zhongjin Prologis REIT, Zhongjin Hubei Science and Technology Investment Optics Valley Industrial Park REIT, and Hua'an Zhangjiang Industrial Park REIT have also risen by more than 20% in the past month.
Since February, Guotai Junan Dongjiu New Economy REIT, Huaxia Hefei High-tech Industrial Park REIT, Hua'an Zhangjiang Industrial Park REIT, Zhongjin Prologis REIT, Bosera Shekou Industrial Park REIT, Harvest Jingdong Warehousing Infrastructure REIT, and Guotai Junan Lingang Innovation Industrial Park REIT have all beenTrading was suspended due to the high cumulative increase in ** price for 3 consecutive trading daysAmong them, Bosera Shekou Industrial Park REIT and Harvest Jingdong Warehousing Infrastructure REIT have even been suspended many times.
From the perspective of trading volume, the REITs in the infrastructure sector of the park have the highest trading volume, and the good news for public REITs continues to be from February 29 to March 1In 2024, the first batch of 4 public REITs collective business reports, 3 of which have been accepted by the China Securities Regulatory Commission and the stock exchange, it is worth noting that in the list of this declaration, in addition to CCB and Vanke, Liandong Group, the old giant of the industrial park, is also seen.
*: CICC Liandong REIT prospectus.
Prior to the transfer of the equity of the project company through the asset-backed special plan, CICC Liandong REIT acquired all the equity interests of the project companies Stellar Itema, Amelkang Technology and Jingyan Odyssey under Beijing Daxing Science and Technology Innovation Industrial Park, Beijing Mapo Science and Technology Park Phase I, and Beijing Fangshan Odyssey Industrial Park, as well as all shareholder bonds of the project companiesIt is held by Liandong Jinyuan as the original owner and the last external management agency of the **.
*: CICC Liandong REIT prospectus.
According to the information, the underlying assets of Zhongjin Liandong REIT are three industrial park projects independently built and operated by Beijing Liandong Investment (Group)**, namely Beijing Daxing Science and Technology Innovation Industrial Park, Beijing Mapo Science and Technology Park Phase I, and Beijing Fangshan Odyssey Industrial Park, all three of which are located in Beijing Zhongguancun National Independent Innovation Demonstration Zone.
All three projects are production-oriented standard industrial plant projects with a total construction area of about 198,38391 square meters, with a total leasable area of approximately 194,39947 sqm as of December 31, 2023The overall occupancy rate of the 3 projects was 9817%, with a total valuation of 172 billion yuan.
*: CICC Liandong REIT prospectus.
Judging from the data, the leasing performance of the three projects packaged by Zhongjin Liandong REIT has been good in the past three yearsRespectively, reached. 59% and 9817%, and the average contract day rent is 159 yuan square meter day, 168 yuan square meter day and 174 yuan square meter day.
From the data point of view, the three projects have entered the stage of stable operation after experiencing the preliminary investment work, and the stable occupancy rate can bring stable rental income to the park.
*: CICC Liandong REIT prospectus.
It is worth noting thatNearly one-quarter of tenants will expire in 2024, that is, at the end of this year, and 42 after 202584%, nearly halfReferring to the impact of the lease surrender events in Zhongguancun and Zhangjiang in the previous two years on the secondary market of public REIT products, Liandong needs to reach a renewal contract with the tenant as soon as possible or reserve tenants in advance, which should not be a particularly big problem for Liandong, which has sufficient strength in this area. However, it is still necessary to be wary of the "cautious" style of the secondary market.
*: CICC Liandong REIT prospectus.
Compared with many office products, the top 10 tenants of Liandong standard factory have a relatively low proportion of area, and the risk of surrendering a large area is relatively low, and the risk of encountering the "Zheku" incident is low.
With the successive listings of Guotai Junan Dongjiu REIT and Zhongjin Liandong REIT, the two leading enterprises are stepping out a new development path for private park operators, and the industrial park is a market that requires a large amount of investment, long-term operation, and the sales ratio is subject to policy restrictions, and private park operators and state-owned park operators who are gradually marketized are facing huge financial pressure.
When the channel of public REITs becomes more mature, it will undoubtedly add a new capital channel to the industrial park industry, and can also promote large transactions in the industrial park industry, and small owners can also complete the exit through the harvest of leading companies.