Following consumer infrastructure REITs, Vanke's warehousing and logistics sector has also officially embarked on the road of REITs.
On March 1, Huaxia Wanwei Warehousing and Logistics Closed Infrastructure REIT issued a prospectus on the Shenzhen Stock Exchange and officially entered the issuance stage. According to the recruitment announcement, the assets of the REIT are Wanwei Logistics, a subsidiary of Vanke, and the underlying assets are Foshan Nanhai Logistics Park, Shaoxing Zhuji Logistics Park, and Huzhou Deqing Logistics Park.
According to the prospectus, the total floor area of the above three projects is 2680,000 square meters, with a total valuation of 114.9 billion yuan, 2020 In 2022, the total net profit of the three projects will be about -320,000 yuan, -13.69 million yuan, and 14.05 million yuan, and the net profit in the first nine months of 2023 will be 6.65 million yuan.
Specifically, the Foshan Nanhai project has the highest valuation, which began operation in May 2021, and the occupancy rate has been above 95% since operation, and the overall project will be released to a domestic e-commerce company for a three-year lease period in 2023; The Zhuji project also started operation in May 2021, except for 2022, when the original tenant quit early due to the adjustment of its own business plan, the occupancy rate was above 97% at other times; The Deqing project in Huzhou, the smallest in size, started operation in June 2018 and has experienced a decline in occupancy rate due to early lease surrender and non-renewal of tenants due to the impact of public health events, and the occupancy rate of the property was 98 as of the end of December 202335%。
Founded in 2015, Wanwei Logistics, a member of Vanke Group, is an integrated logistics solution service provider, and as of the third quarter of 2023, the leasable area of Wanwei Logistics' national opening projects is about 9.9 million square meters, of which the scale of cold chain warehousing ranks first in the country. According to the information provided by Vanke, the occupancy rate of Wanwei Logistics' high-standard warehouse during the stable period reached 85%, and the stable utilization rate of the cold chain reached 77%.
In recent years, Vanke has continued to make efforts in REITs. In 2023, SCPG Group, a subsidiary of Vanke, will participate in the first batch of pilot projects of domestic consumer infrastructure public REITs, with Hangzhou Xixi Impression City as the underlying asset, which has been approved by the China Securities Regulatory Commission. Vanke revealed that its group's long-term rental apartments are also actively applying for REITs, and at present, Vanke operates and manages a total of 22 rental housing90,000 rooms, with an occupancy rate of 944%。
Yu Liang, chairman of the board of directors of Vanke, once said in his circle of friends that the importance of REITs to the real estate business is similar to the importance of mortgage loans to residential development.