After the rapid development of domestic logistics real estate, the first public investment REITs will be invested.
RCREIT observation 丨 Public fundraising REITs point gold logistics real estate investment source: REITs industry research author 丨 Friends of Zhongrong Wealth often online shopping may find that the joy of receiving goods is getting faster and faster, and in some areas, many goods can even be “Chaochao”Evening. ”
The speed of this online shopping flow benefits from the development and specialization of logistics real estate.
Logistics real estate is not a new thing, and the definition is very mature, that is, according to the needs of logistics enterprise customers, invest in and build modern logistics facilities required for business development at appropriate locations, generally including various logistics centers, logistics parks, and distribution centersAs well as storage facilities such as logistics industrial parks.
The increase in the demand for warehousing and logistics, the scarcity of land for logistics and other reasons have led to the rental yield of logistics real estate being significantly higher than that of shopping malls and office buildings, and there is a trend of further improvement.
Logistics real estate funds (including REITs) have solved the problem of flexible exit of logistics real estate investment and financing, making logistics real estate an extremely attractive investment project.
The development of domestic logistics real estate followed the rapid development of the logistics industry. The concept of the logistics industry originally originated in the United States in the 1980s. However, in China, the development of logistics real estate really started in 2000 and has ushered in the golden decade of rapid development since then.
At this stage, the total compound logistics annual growth rate reached 16%, while the global logistics scale annual growth rate was only about 5%.
The rapid development of China’s logistics real estate came later, as early as 2016, China’s logistics cost accounted for 14% of GDP.
9%, far higher than the level of 10% in European and American countries.
However, if the quality of raw materials is left out, the current domestic logistics real estate still has structural problems and the facilities are relatively backward.
There are currently 5 in China.
500 million square meters of logistics facilities, of which only less than 1 billion square meters to achieve modern logistics facilities standards.
Therefore, good logistics real estate is still very sought after.
In addition, although domestic logistics real estate already has a considerable foundation, due to the rapid rise in demand from e-commerce and third-party logistics, and the limitation of industrial land supply, the gap between supply and demand in the industry is huge.Higher return on investment.
From the perspective of customers, customers in the logistics real estate market can be divided into three categories: ▍ The most stable traditional retail and traditional manufacturing retail industries such as Wal-Mart, Carrefour, Adidas, Nike, Manufacturing Rack Bosch, Schneider, GM and other brands.
The use of logistics real estate is mainly for the purpose of revitalizing fixed assets, and there is no growth potential for resistance.
▍High growth main: e-commerce such as Alibaba, Jingdong, Suning and other Internet e-commerce; ▍High growth main: third-party logistics Debang, SF, DHL and other express brands.
In the past 10 years, the scale of the logistics real estate market has grown steadily, mainly due to the promotion of e-commerce and third-party logistics.
The rapid development of e-commerce consulting e-commerce has given rise to the strong demand for logistics and warehousing in China. After several years of rapid development, the Chinese logistics industry is undergoing a stage of transformation and development. The need for cost-effective and efficient modern logistics facilities is increasing year by year.So with the high development of animal flow real estate.
E-commerce and third-party logistics are the main demanders of high-end warehousing.
Logistics real estate rental yield outperforms office buildings. From the perspective of per capita logistics area and market concentration, the high-end logistics market is still in the early stages of the market, increasing space potential.
However, compared to the earlier residential and commercial real estate, logistics real estate has problems of low land transfer fees, reduced revenue contribution, and low land utilization. This has led to the problem of difficulty in obtaining real estate in general logistics in first-tier cities, which will also become a fast logistics logistics.The main factor of development.
Dade Lianghang estimates that by 2020, China’s logistics real estate supply gap will exceed 1 trillion square meters.
The long-term imbalance between supply and demand has caused the vacancy rate of warehousing to decrease year by year, and rents to rise, driving the industry’s return on investment upward.
Figure Network The supply of land for logistics real estate in first-tier cities takes into account the gap between supply and demand and the particularity of logistics real estate. At present, the rental yield of logistics real estate significantly exceeds that of shopping malls and office buildings, and there is still a trend of further improvement.
Take Shanghai as an example. In the past 5 years, the compound annual rent intensity of Shanghai’s high-quality logistics and warehousing market has reached 5.
8%, much higher than the rental return level of about 2% of residential investment.
At the same time, the vacancy rate of Shanghai’s high-quality logistics park also dropped to a very low level, and the overall vacancy rate in the market was only 9.
Looking at the first-tier cities, the overall net return on investment in logistics real estate is above 7%, which is much higher than the return on investment of commercial real estate and residential real estate between 2% and 4%.
It is definitely a problem of low standardization of commercial real estate and extremely large securitization. Logistics real estate is more likely to be favored by overseas funds and long-term investors.
According to CBRE statistics, in 2018, the return on investment in property facilities in major cities has a significant advantage.
In terms of investment returns, public real estate investment trusts have a series of characteristics such as large investment amounts, weak realizing capacity, and long recovery periods.
Basically, for sales properties such as residential properties, logistics real estate projects can only obtain operating income such as rent through property management. The recovery period of funds is very long, and it usually takes more than 10 years.
Therefore, in the self-sustaining mode, although it can obtain the full cycle operating profit return, it will cause a very high capital occupation, reduce the asset turnover rate of investors, and affect its expansion rate in the industry.
However, as the infrastructure industry, the most important thing for logistics and real estate is to intervene in a network that extends in all directions, seize core and key positions, and construct asset barriers.
Therefore, whether to solve the financial problem and seize the opportunity in the industry has become the key to development in the industry.
And the dating and development of logistics real estate funds (including REITs) provide a way to revitalize asset drainage 武汉夜生活网 funds for such breakthroughs, and have an attractive alternative to both supply and demand sides of logistics real estate. Publicly issued real estate investment funds (public offering of REITs) refer to standardized financial products that convert real estate assets or equity (including infrastructure, leased houses, commercial properties, etc.) into publicly traded alternatives to liquidity.
This model has been developing rapidly in foreign countries for many years, and the development of REITs in mainland China is also steadily advancing.
From the perspective of investment logic, interest rates affect the development of the logistics real estate market. Interest rates have fallen, high-yield fixed-income products have decreased, credit spreads have narrowed, forming a coefficient effect, which has attracted investors 青岛夜网 to passively invest in commercial real estate.
And REITs provide a smooth channel for the investment, financing and withdrawal of logistics real estate, reducing investors’ worries.
Figure Internet logistics real estate REITs transaction structure map The basic assets of REITs are the key allocation targets of insurance, trust and other institutional investors.
After standardization, this product with long-term considerable returns and low correlation with other traditional investment products is expected to release more long-term institutional investors and individual investors for configuration.