china’s first pere reits product launched ebp-eba imix park asset-backed special programme now officially listed
business related 29 sep 2016
download pdf
the ebp-eba imix park asset-backed special programme (“imix park reits”), managed by ebp capital asset management and eba investments, was officially listed on the shenzhen stock exchange today. present at the listing ceremony were chen shuang, executive director and ceo of china everbright limited (“cel”; stock code: 165.hk); james pan, ceo of eba (beijing) real estate investments consultancy limited; wang yizhe, general manager of everbright prestige capital asset management company; yang peng, vice president of eba (beijing) investment management co., ltd.; qian jing, ceo of morgan stanley huaxin securities co., ltd.; du xiongfei, general manager of fixed income department of everbright securities co., ltd; and shen feng, vice president of boci securities limited. mr chen and ms qian also delivered speeches at the event.
pioneering a pere reits model driven by innovation
the imix park reits, an exchange-traded reits product, is an advanced exit channel for private equity real estate funds that capitalises on the design and issuance experiences of international reits and domestic asset securitisation products under china’s current system. it represents a ground-breaking "pere reits" business model for domestic commercial real estate and is anticipated to lay a solid foundation for the market operation of international-standard, publicly offered reits.
the product has attracted bidding from a large number of institutional investors, including banks, securities brokerages, funds and trusts. the final interest rates were set at 3.8% for the rmb1.3 billion senior tranche a and 4.3% for the rmb300 million senior tranche b, establishing record-low interest rates for industry products of its kind.
building a quality commercial real estate brand through pragmatism and rigor
imix park reits has eight commercial projects in operation and under construction, with total floor space of nearly 1 million sq. m. with operation centres in beijing, shanghai and chongqing, the imix park commercial real estate brand created by eba investments is currently expanding into other areas across the country, leveraging its core competencies of financial and commercial asset management as well as fast-expanding assets managed under an innovative new model. it was ranked among china’s “top 10 commercial real estate projects in brand value” in 2016 on the strength of its management and brand quality.
the underlying asset of the imix park reits is guanyinqiao imix park mall in chongqing, which boasts a total gfa of 130,000 sq. m and maintains an occupancy rate of higher than 97%. its rental income has been steadily increasing in recent years, and it has been recognised many times by residents of chongqing as their favourite shopping destination. it also received the “golden coordination award for china’s commercial real estate in 2015-2016” on 22 september, 2016.
a strong partnership leveraging the advantages of shareholder coordination
imix park reits is an asset securitisation product with guanyinqiao imix park mall in chongqing as its underlying asset and cashflows generated by future rentals and other operating income as the source of repayment. everbright prestige (“ebp”) capital asset management company is acting as product manager, with eba investment management co., ltd acting as fund manager and china everbright limited (cel) as co-participant.
the product is backed by fund manager eba (beijing) investment management co., ltd., which provides a highly experienced team with management capabilities in private equity real estate funds, and ebp capital asset management, which offers professional experience in asset securitisation. the plan administrator, everbright prestige capital asset management company, and shareholders china post fund and cel have rmb87.6 billion of capital under management.
eba (beijing) investment management co. ltd. is a wholly owned subsidiary of eba investments, the sole real estate investment platform of cel. eba investments has focused on private equity investments in china’s real estate market for more than 10 years. in 2015 and 2016 it ranked first among china’s "top 10 real estate funds in terms of comprehensive strength”. the company has invested in and currently manages real estate funds valued at over rmb70 billion across about 100 projects.
eba investments and ebp capital asset management said they plan to leverage their world-class asset management experience and competence in post-investment management following the successful launch of the new reits. they added that they will continue to expand and innovate in areas including fundraising, investment, management and divestment in order to actively promote the development of their real estate asset securitisation business and create greater value for shareholders and investors.
pioneering a pere reits model driven by innovation
the imix park reits, an exchange-traded reits product, is an advanced exit channel for private equity real estate funds that capitalises on the design and issuance experiences of international reits and domestic asset securitisation products under china’s current system. it represents a ground-breaking "pere reits" business model for domestic commercial real estate and is anticipated to lay a solid foundation for the market operation of international-standard, publicly offered reits.
the product has attracted bidding from a large number of institutional investors, including banks, securities brokerages, funds and trusts. the final interest rates were set at 3.8% for the rmb1.3 billion senior tranche a and 4.3% for the rmb300 million senior tranche b, establishing record-low interest rates for industry products of its kind.
building a quality commercial real estate brand through pragmatism and rigor
imix park reits has eight commercial projects in operation and under construction, with total floor space of nearly 1 million sq. m. with operation centres in beijing, shanghai and chongqing, the imix park commercial real estate brand created by eba investments is currently expanding into other areas across the country, leveraging its core competencies of financial and commercial asset management as well as fast-expanding assets managed under an innovative new model. it was ranked among china’s “top 10 commercial real estate projects in brand value” in 2016 on the strength of its management and brand quality.
the underlying asset of the imix park reits is guanyinqiao imix park mall in chongqing, which boasts a total gfa of 130,000 sq. m and maintains an occupancy rate of higher than 97%. its rental income has been steadily increasing in recent years, and it has been recognised many times by residents of chongqing as their favourite shopping destination. it also received the “golden coordination award for china’s commercial real estate in 2015-2016” on 22 september, 2016.
a strong partnership leveraging the advantages of shareholder coordination
imix park reits is an asset securitisation product with guanyinqiao imix park mall in chongqing as its underlying asset and cashflows generated by future rentals and other operating income as the source of repayment. everbright prestige (“ebp”) capital asset management company is acting as product manager, with eba investment management co., ltd acting as fund manager and china everbright limited (cel) as co-participant.
the product is backed by fund manager eba (beijing) investment management co., ltd., which provides a highly experienced team with management capabilities in private equity real estate funds, and ebp capital asset management, which offers professional experience in asset securitisation. the plan administrator, everbright prestige capital asset management company, and shareholders china post fund and cel have rmb87.6 billion of capital under management.
eba (beijing) investment management co. ltd. is a wholly owned subsidiary of eba investments, the sole real estate investment platform of cel. eba investments has focused on private equity investments in china’s real estate market for more than 10 years. in 2015 and 2016 it ranked first among china’s "top 10 real estate funds in terms of comprehensive strength”. the company has invested in and currently manages real estate funds valued at over rmb70 billion across about 100 projects.
eba investments and ebp capital asset management said they plan to leverage their world-class asset management experience and competence in post-investment management following the successful launch of the new reits. they added that they will continue to expand and innovate in areas including fundraising, investment, management and divestment in order to actively promote the development of their real estate asset securitisation business and create greater value for shareholders and investors.
