EC World REIT: Proxy to bustling Hangzhou e-commerce
- To raise up to $637.6m from IPO. Issuing between 172.4m and 191m new units between $0.76 and $0.82 per unit to public and private investors.
- 6 logistics and e-commerce assets in Hangzhou. Proxy to e-commerce volume growth in Hangzhou.
- Sponsor is Forchn Holdings (co-founder of Cainiao, Alibaba’s logistic’s arm)
- Has ROFR to pipeline of income-producing e-commerce and logistics properties located in China.
- Based on $0.82 offer price, this translates to yields of 7%/7.2% for FY16/FY17 respectively.
- Priced at ~0.9x P/B
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