ASIA-PACIFIC
AUSTRALIA
CHARTER HALL TRUST JOINS REIT PARTYCHARTER HALL LONG WALE REIT has completed an
upsized A$190m (US$133m) institutional
placement, the latest fundraising by a REIT
in Australia in what is already the best year
for the sector since 2010.
Strong demand from new and existing
institutional investors allowed the leads to
increase the size of the deal to 40.1m shares,
or 14.2% of the issued capital, up from 38m
shares originally, for an extra A$10m in
proceeds.
The shares were priced at A$4.74 each, a
3.9% discount to Tuesday’s close of A$4.93.
Separately, lead managers JP Morgan and UBS
are also underwriting a share purchase plan
that will be offered to eligible shareholders in
Australia and New Zealand between June 13
and July 4 to raise up to A$10m.
0ROCEEDSûWILLûBEûUSEDûTOûlNANCEûTHEû
acquisition of a portfolio comprising a long-
LEASEDûOFlCEûANDûINDUSTRIALûPROPERTIESûFORû
A$206m.
The Charter Hall deal came after its listed
peers had already raised A$2.1bn of equity
so far this year, the most since 2010,
according to JP Morgan.
Just two deals last month by Dexus and
Mirvac Group contributed A$1.7bn
combined to the total and exceeded the
total amount of funds raised by ASX200
REITs through 2017 and 2018, according to
an equity research report released by the
investment bank last Tuesday.
Most equity issuance this year in Australia
has been linked to mergers and acquisitions.
A strong May brought the year to-date total
of M&A-related deals to A$11.7bn, up 25% on
2018.Dexus completed the largest equity
raising in Australia so far this year with a
A$900m placement to part fund the
PURCHASEûOFûAû-ELBOURNEûOFlCEûSITE ûWITHû
Citigroup, JP Morgan and Merrill Lynch
working on the fully underwritten
institutional placement.
Mirvac Group sealed A$750m from an
institutional placement to support its
projects and development pipeline. JP
Morgan, Macquarie and UBS were on the
deal.
Outside of the ASX200, Arena REIT raised
A$50m via a placement to part fund the
acquisition of social infrastructure
properties, with Morgan Stanley leading the
deal.
Johannesburg-listed Investec Australia
Property Fund bagged A$103.8m as part of
its dual primary listing on the Australian
Securities Exchange.PROSPA CROSSES THE FINISH LINEOnline lender PROSPA, which pulled an ASX
IPO a year ago, is set to list on the bourse on
June 11 after successfully relaunching and
completing the deal.
The A$110m (US$77m) IPO was priced at
A$3.78 per share, giving the small-business
lender a market capitalisation of A$610m.
About 6.6m shares were allocated to
existing shareholders in the institutional
bookbuild. Entree Capital remains the
largest shareholder with a 33.8% stake.
Proceeds will be used to invest in the core
business and new products and to repay
debt.
Macquarie and UBS are the leads on the
deal.
Last June, Prospa postponed a A$147m
listing, at a projected market capitalisation
of A$576m, following an enquiry from the
Australian Securities and Investments
Commission.
ASIC approached the company for
information a day before the scheduledASIA-PACIFIC EQUITIES
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 41 6,590.36 9.6
2 Goldman Sachs 23 4,733.59 6.9
3 UBS 31 3,814.38 5.6
4 Citic 21 3,506.47 5.1
5 JP Morgan 21 3,404.45 5.0
6 CICC 28 2,615.82 3.8
7 Nomura 25 2,357.55 3.4
8 BAML 9 2,342.78 3.4
9 Citigroup 28 1,914.40 2.8
10 HSBC 12 1,873.15 2.7
Total 772 68,682.62
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a1ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 31 5,043.16 8.4
2 Goldman Sachs 22 4,691.33 7.8
3 UBS 29 3,667.36 6.1
4 Citic 21 3,506.47 5.8
5 CICC 28 2,615.82 4.4
6 JP Morgan 20 2,607.34 4.3
7 BAML 8 2,103.65 3.5
8 Citigroup 27 1,908.15 3.2
9 HSBC 12 1,873.15 3.1
10 Haitong Securities 25 1,622.63 2.7
Total 710 60,002.19
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a2WEEK IN NUMBERS
US$45
UBER TECHNOLOGIES CLOSED AT US$45
ON WEDNESDAY, THE FIRST TIME SHARES
HAD CLOSED AT THE IPO PRICE SINCE
LISTING IN MID-MAY
First
HUATAI SECURITIES RESTARTED ITS
GLOBAL DEPOSITARY RECEIPTS SALE LAST
WEEK, WHICH WILL MARK THE LAUNCH OF
THE SHANGHAI-LONDON STOCK CONNECT
SCHEME THAT WAS PUT ON HOLD LATE
LAST YEAR. HUATAI PLANS TO SELL GDRs
EQUAL TO 10% OF EXISTING CAPITAL
US$5bn-$7bn
BUDWEISER BREWING COMPANY APAC,
THE ASIA-PACIFIC BUSINESS OF
ANHEUSER-BUSCH INBEV, WILL SEEK LISTING
APPROVAL ON JUNE 13 FOR WHAT COULD BE
THE LARGEST IPO IN HONG KONG THIS YEAR
Three
TRITON MADE ITS EXIT FROM BEFESA
ON WEDNESDAY EVENING, CASHING
IN €215.9m THROUGH THE THIRD SALE
THIS YEAR IN THE GERMAN RECYCLING
COMPANY. SALES GOT OFF TO A QUICK
START WITH THE NOVEMBER 2017 IPO
FOLLOWED BY AN ABB IN MARCH 2018,
AND THEN A LULL UNTIL SALES IN
JANUARY, APRIL AND JUNE OF 2019
13%
SHARES IN SWEDISH RESIDENTIAL
PROPERTY OWNER JOHN MATTSON
CLOSED UP MORE THAN 13% AT SKr102
ON WEDNESDAY AFTER A STRONG OPEN.
THE IPO HAD FIXED PRICING OF SKr90
PER SHARE AND WAS COMPLETED A DAY
EARLIER THAN PLANNED ON MONDAY
3032343638404244464810/05/1915/05/1917/05/1922/05/1924/05/1930/05/1904/06/19US$Uber IPO price