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Image Source : China Visual
BEIJING, February 8 (TMTPOST) —— JD Real Estate Investment Trust, the first REIT issued by a privately-owned logistics and warehousing company in China, debuted on the Shanghai Stock Exchange on Wednesday, raising 1.757 billion yuan（$258 million).
The stock price climbed 11.64% on its first day of trading to 3.923 yuan ($0.57) per share.
In the issuance stage, the total subscription amount of JD Warehouse REIT by strategic investors, offline investors, and public investors was 71.816 billion yuan ($10.58 billion).
JD.com"s REIT is the first private company warehousing and logistics REIT, with underlying assets including three logistics parks in Langfang, Wuhan, and Chongqing, with a combined floor area of about 351,000 square meters and a total valuation of 1.565 billion yuan（$230 million）. The three logistics parks have all now been 100 percent rented out for 5-6 years, higher than the industry average leasing length of 3 years.
The three major warehouse projects held by JD.com"s REIT in the past three years have generally retained profit, with a positive average annual operating net cash flow. Meanwhile, the amount available for allocation is estimated to be 34,187,500 yuan ($5.03 million) from July to December 2022 and 70,262,900 yuan ($10.36 million) in 2023. The allocation rate of net cash flow in 2022 and 2023 is estimated to be 4.17% (annualized) and 4.29% (annualized) respectively.
According to JD.com, the total area of the JD.com logistics warehousing network exceeds 24 million square meters by December 31, 2021. While the self-construction warehouse of JD"s subsidiary can only provide 8.99 million square meters, far from meeting the leasing demand of JD.com Logistics, whose warehousing demand can maintain the stable operation of the project.
The three major warehousing projects held by JD.com REIT are all high-standard logistics warehousing, which is relatively scarce in China. Compared with ordinary logistics and warehousing, the high-standard warehouse can realize the scale effect of logistics, improve sorting efficiency and accuracy, optimize warehouse use efficiency, reduce storage use cost, etc., due to professional site selection, advanced and perfect building structure, Internet, and big data.
