Domestic logistics real estate next 15 years, about 2 billion square meters of potential development

Du Ran Le every reporter from Chengdu

With the favorable policies and the penetration of e-commerce thinking, the potential development of domestic logistics properties with a total value of 2 billion square meters in the next 15 years has allowed various capital giants to start distributing their products in order to share a slice of food.

A recent survey by Daily Economic News reporter found that both domestic and foreign capital giants such as BINGA Group, Carlyle Group and Goodman China Logistics Fund, including Ping An Real Estate under Ping An Insurance, are in the field of logistics of plus-grade logistics.

From the point of view of investment form, most of these financial capital are involved in the development through cooperation with professional logistics developers and even extended to the operation stage. According to Li Wei, vice president of China Institute of Logistics Planning, this is a typical "light" asset model with good returns for all parties in the industry chain. However, the logistics industry is a huge industry, intensive market segments do a good job about the success or failure of investment.

Domestic and foreign funds flocked in

Not long ago, Ping An Real Estate merger and acquisition of 90,000 square meters of Chengdu logistics project from the collar Sheng investment.

"Ping An Real Estate to see this project is good, buy it for nurturing, it is entirely an investment." First Pacific Davis Huaxi District Senior Assistant Director Luo Yuan told the "Daily Economic News" reporter.

It is understood that the project is the Jones Lang LaSalle's investment by virtue of its establishment of its $ 3 billion Linkin Asia Opportunity Fund III, acquired in 2007, the investment project.

Huang Hui, director of Jones Lang LaSalle Huaxi District Industrial Department, said the insurance funds in the context of the safe real estate tend to choose less risky, long-term steady earnings of investment projects, logistics real estate is in line with this feature.

Coincidentally, in August 2012, the Bank-Securities Fund and an investment agency intends to set up a total scale of 2 billion yuan of bank card Fortis Logistics Fund, the investment target for an area of ​​3500 acres of Mianyang International Agricultural Logistics Park project. Bank of Securities Fund official website revealed that the Fund a total of 10, the existence of 5 years, the Fund exists in partnership, the expected rate of return of 12%, and exit through dividends.

Goodman China Logistics Fund in the core cities of the rapid layout of the more highlights the optimistic about the private equity giant China's real estate future return expectations. In July last year, Goodman Group and the Canadian Pension Plan Investment Committee (CPPIB) injected a capital of 500 million U.S. dollars into its Goodman China Logistic Fund. Its total equity investment has accumulated a total of 1.5 billion U.S. dollars. Recently, the top management of Goodman Group in China also Disclosure to the media, the future size of the fund to reach 3 billion to 4 billion US dollars.

Goodman Group's official website shows that as of the end of June last year, Goodman China Logistics Fund has invested 17 logistics projects in seven markets, including Shanghai, Beijing, Tianjin and Chengdu, with a rental rate of 98.2%. The next 12 months, logistics development projects will increase to about 800,000 square meters.

Last August, Carlyle Group and TheTownsendGroup invested 200 million US dollars, went to Shanghai Yupei Group. In February this year, BOC Investment, China Life and HOPU Fund jointly invested 2.35 billion U.S. dollars invested in the world's largest logistics developer Prospero, and the logistics and distribution business in China accounted for up to 53% of the business plan for the next 3-5 years in the China's annual growth rate of growth of 30% to 40%.

In the view of Huang Hui, such rapid expansion of GLP as China is closely related to its strong fundraising capability. One project leverages at least 2 times the capital leverage with a small amount of its own funds. Although some domestic enterprises are also trying fundraising , But in the integration of resources at home and abroad, in the short term it is difficult to catch up with ProLogis. Small and medium-sized developers may play more role of "setter," and the project at hand becomes the goal of capitalist hunting.

"Hold type" into the mainstream

As of the end of September last year, Goodman Group assets under management up to 24 billion Australian dollars, up 5.2%, the Group and its management funds signed a total of 631,000 square meters of leases, the annual rental income of 75 million Australian dollars, the property occupancy rate of 96%, the weighted average Lease period of 4.8 years.

According to the results of ProLogis, as of the end of March this year, ProLogis built 18.7 million square meters of properties in China with an asset value of 8.22 billion U.S. dollars, of which 9.7 million square meters were completed for "completed and stable properties" and "completed and stable properties" , The value of assets of more than 6 billion yuan.

"Long-term ownership of property development is one of the major trends in the development of logistics real estate in the future. There will also be two types of value-added and opportunity-based models." You Pengwei, Senior Manager of West China Division of CBRE's Industrial and Logistics Services, Economic News "reporter said," value-added is through re-positioning of existing properties and secondary development to obtain value-added benefits; Opportunity is through the development of emerging market properties at a lower cost, in the next few years, the market matures acquired Higher return. "

For You Pengwei, the biggest advantage of this model of holding lies in a stable operation management system and a stable urban network layout, suitable for logistics enterprises, commerce and manufacturing enterprises and long-term multi-city development logistics enterprises. From the return is concerned, more stable and reliable.

"Gross rental returns for book rental returns are generally between 8% and 10% and internal IRRs are at least 15%. Some projects in emerging markets tend to be much higher and projects with average annual returns of over 30% Count rare. "You Peng Wei added.

Market "segmentation" test operational capacity

Capital sought after on the logistics real estate, in the eyes of professionals need extra vigilance to prevent the "swarm" investment quickly gave birth to a bubble.

"Logistics real estate emphasis on more resources and operational capacity, grasping the market segments is very important." Luo Yuan said.

In general, funds with different funding backgrounds have different exit mechanisms. However, the capital is also very difficult to participate in the development and operation of logistics real estate all the time because there are few real REITs in the country. Therefore, the latter part of logistics real estate relies mainly on capable professional developers.

Not long ago, Vanke Real Estate formally announced into the logistics real estate field, general manager of China Vanke Real Estate Zhang Jinyuan said the logistics real estate is more concerned about how to refine the management and operation, control costs.

Luo Yuan are that the most easy part of the logistics real estate operations out of risk management details, because the management of all goods. You Peng Wei believes that the operating team needs to establish a suitable management structure, in-depth study of the needs of the customer market logistics operation, study the competitive landscape of the customer market and trends, to provide customers with standardized, systematic services.