Propertylink IPO, page-2

Hi Guys Could we discuss about this and Viva Energy IPO's coming next month.
1. How do they compare to their listed peers?
2. Does these sort of listings sort after as they give decent 7% or so dividends?
3. Due to Brexit and Volatility would instos be keen on these sort of listings?
4. Do they usually list at premium, What's the history on these listings?
It would be great if we could have a decent discussion that would be good. I don't have any decent knowledge in these REIT's etc.

Analysts size up Propertylink ahead of float
THE AUSTRALIAN 12:17PM JULY 7, 2016
JPMorgan analysts expect Propertylink to list as a company worth $560 million to $600m on the Australian Securities Exchange next month.
Credit Suisse, meanwhile, expects the valuation range to be within $531m and $593m, the BusinessNow blog reported earlier.
This equates to a yield of 7 per cent to 7.8 per cent, while the yields from the JPMorgan analysts equate to 6.9 per cent to 7.4 per cent.
Propertylink yesterday launched its marketing roadshow for analysts as it embarks on an initial public offering through JPMorgan, Credit Suisse and Goldman Sachs. Propertylink will list on August 5 on a deferred settlement basis.
Research released from Goldman Sachs yesterday indicated that Propertylink’s value was estimated to be between $568m to $690m.
The equity valuation range equates to a 26 per cent premium to net tangible assets at the low end and 53 per cent at the top end.
It also represents a 7.3 per cent dividend yield at the top end and 6 per cent at the bottom.
Credit Suisse, JPMorgan's turn to value IPO-hopeful Propertylink
Credit Suisse analysts reckon IPO-hopeful Propertylink is worth 1.16-times to 1.3-times net tangible assets, or $530.9 million to $593 million, as revealed by Street Talk on Thursday.
In pre-IPO marketing research reports distributed to potential investors, Credit Suisse A-REIT analysts headed by Ian Randell said Propertylink should also trade at a 7.0 per cent to 7.8 per cent distribution yield based on 2017 financial year forecasts.
The analysts backed Propertylink's strong growth plans, pointing out that five of the company's external clients "have only invested in Australia with Propertylink to date".
Credit Suisse told clients that Propertylink had grown assts under management from $39 million to $1.55 billion in the past three years and expected another $675 million
under management by the end of the 2017 financial year.
The analysts said key risks included Propertylink's ability to source capital and assets at attractive prices.
Meanwhile fellow sponsor broker JPMorgan put a $560 million to $600 million equity value on Propertylink, implying a 23 per cent to 32 per cent premium to net tangible assets and a 6.9 per cent to 7.4 per cent yield.
JPMorgan's team, headed by Richard Jones, said its valuation reflected a 6.7 per cent to 7 per cent cap rate for the investment portfolio and a 14.2-times to 14.8-times earnings multiple for the funds business.
The research comes after Goldman Sachs analysts valued the company at $568 million to $690 million, which was up to a 53 per cent premium to net tangible assets.
Sponsor brokers Credit Suisse, Goldman Sachs and JPMorgan started marketing Propertylink to clients on Wednesday. Propertylink is a real estate funds manager with $1.7 billion in property assets under management, including $1 billion invested on behalf of third-party clients including Goldman Sachs and China's Fosun.
Street Talk also revealed on Thursday that Point Capital, run by
former Macquarie power bankers Michael Carapiet and John Prendiville, was a material investor in the company.
Propertylink brokers ready
fundies for IPO; research out
Wednesday
Propertylink's team - Stuart Dawes, Stephen Day, Greg Boyer and Peter McDonald - are readying for investor meetings ahead of the company's initial public offering. Chris Pearce
by Sarah Thompson Anthony Macdonald Joyce Moullakis
Goldman Sachs, Credit Suisse and JPMorgan analysts will be on the road marketing initial public offering-hopeful Propertylink from Wednesday.
It's understood the analysts have booked fund managers for meetings later this week, coinciding with the release of pre-IPO research reports also scheduled for Wednesday.
Propertylink is a real estate and infrastructure funds manager, with about $1.7 billion in assets and projects under management in Sydney, Melbourne, Brisbane and Perth.
Analyst reports are expected to focus on Propertylink's growth and strong client base. Clients include the likes of Goldman Sachs, the UK's Grosvenor, China's Fosun and Sedco Capital from Saudi Arabia.
The analysts will meet potential investors in all the usual markets - Sydney, Melbourne, Hong Kong and the like - ahead of Propertylink's management roadshow and IPO raising later in the month.
The analyst roadshow comes only weeks after Propertylink management first met potential investors, explaining the business and its strong growth in recent years. The IPO is expected to be worth about $500 million.
It also comes as petrol station owner Viva Energy REIT locks in investors for its new $1.5 billion real estate investment trust.
Propertylink IPO nears
Property funds manager and industrial property
specialist Propertylink is nearing its ASX float.
A listing would mark the return of former Valad boss Stephen Day to the public arena, with the company structured as a stapled vehicle that will specialise in core-plus style investing. As revealed in The Australian in May Propertylink will seek to raise $500 million plus.
Two high-profile investors have emerged as backers to ASX- aspirant and real estate and infrastructure fund
manager, Propertylink, The Australian Financial Review Street Talk column has revealed.
Point Capital, run by former Macquarie power bankers
Michael Carapiet and John Prendiville, was approached about one year ago to inject capital into Propertylink.
Carapiet had several executive roles at Macquarie over 25 years, and Prendiville was a 20-year veteran and global head at Macquarie.
Goldman and Grosvenor are looking for an opportunity to sell down their stakes.
Carapiet and Prendiville's emergence in the Propertylink deal comes after sponsor broker Goldman Sachs set a $568 million to $690 million equity valuation range for the float. Propertylink has snapped up a portfolio of eight industrial assets across four Australian states for $135.3 million from Charter Hall in May.
Propertylink prepares for float as Goldman releases valuation range
THE AUSTRALIAN 10:32AM JULY 6, 2016
Propertylink should float as a company worth $568 million to $690m, according to Goldman Sachs
analyst research.
The research was released as the real estate company today launches its analyst marketing roadshow.
The equity valuation range equates to a 26 per cent premium to net tangible assets at the low end and 53 per cent at the top end, the BusinessNow blog reported earlier. It also represents a 7.3 per cent dividend yield at the top end and 6 per cent at the bottom.
Propertylink, backed by former Valad Property Group founder Stephen Day, is preparing to embark on an initial public offering, raising about $500m.
Goldman’s is a co lead manager on the deal, alongside JPMorgan and Credit Suisse.
Propertylink spends $135m on
Charter Hall industrial property
Propertylink has snapped up a portfolio of eight industrial assets across four Australian states for $135.3 million from Charter Hall.
The Sydney investor used its Propertylink Australian Industrial Partnership II (PAIP II) Fund to buy the assets on a combined yield of 8.7 per cent.
Four of the assets, on crown land around airports in Melbourne and Brisbane, were sold on leasehold, while the remainder were freehold deals.
On its side, Charter Hall relinquished the properties at a premium to book value and at an equated capitalisation rate of 7.6 per cent.
Peter McDonald. Chris Pearce
The transaction with Propertylink is among a number of large industrial portfolios on the market this year, including a $300
million Goodman portfolio and Altis Property Partners' $285 million portfolio.
The portfolio is leased to blue-chip tenants including Toll, the Victorian Government, MTU Detroit Diesel/Penske Group, Schenker Australia and Fastline International. The portfolio has a weighted average lease expiry of six years.
Sought after
The industrial facilities are spread across Victoria, New South Wales, Queensland, and South Australia.
"This is an outstanding opportunity to acquire high-quality industrial assets with strong covenants in highly sought-after industrial markets across the country," said Stuart Dawes, chief operating officer and head of investment management. Propertylink's head of property, Peter McDonald, said 75 per cent of the tenants in the portfolio are either publicly listed companies, multinational companies or government departments, providing a strong security of cash flow.
On the sell side, Charter Hall's head of industrial, Paul Ford, said the divestment was in line with the listed fund manager's strategy of recycling non-core properties to reinvest capital into new assets and development opportunities.
Charter Hall has a $275 million pipeline of development projects underway or committed along the eastern seaboard. As well, Chater Hall remains a very active buyer and is expecting to seal deals in coming weeks.
"We're improving the quality of the portfolio," Mr Ford told The Australian Financial Review.
"It's the right time in the cycle to exit the leaseholds. They were the real driver for us in getting out of this portfolio. That type of product, you can get caught in the wrong part of the cycle with it."
The Propertylink fund was launched in September 2015 with a cornerstone investment from Townsend Group with a target of $700 million in assets.