In the domestic and foreign competition in the logistics real estate into a meat and potatoes"
- 2018-01-18 11:00
- Logistics real estate development electronic commerce e-commerce retail
Asia's largest logistics real estate Papadopoulos privatization acquisition finally settled. After more than half a year, Papadopoulos top management team as one of the investors, the United Chinese mainland well-known developer Vanke Group, Magnolia, Hillhouse capital, Bank of China group, Singapore to 3.38 yuan / share, total cost of about 15 billion 900 million dollars (about 79 billion yuan), the successful acquisition of all the shares of Listed Companies in Singapore papadopoulos. This will be the largest private equity merger in Asian history, and will be a milestone in the history of China's logistics real estate without suspense.
China rise of electricity supplier logistics real estate industry boom
The so-called logistics real estate, is a carrier of operating professional modern logistics facilities, for the pursuit of real estate development enterprises to profit, according to the needs of the logistics enterprise customer, choose a suitable location, modern logistics facilities required for investment and construction of enterprise business development. Logistics real estate belongs to the category of industrial real estate. It refers to the logistics facilities invested by investors, such as logistics warehouses, distribution centers, distribution centers, etc. the investors here can be real estate developers, logistics providers and professional investors. The category of modern logistics real estate includes the real estate carrier of logistics park, logistics warehouse, distribution center, distribution center and other logistics business. Compared with the traditional logistics real estate, it emphasizes the modernization of management, the scale effect and the synergy effect.
At present, Chinese's explosive growth of e-commerce to stimulate the overall upgrading of domestic logistics system, real estate companies also want to diversify risk and capital institutions and actively looking for a stable return on investment opportunities and other factors created a booming China's logistics real estate.
From a broad sense, logistics real estate is an integrated body of logistics resources platform, which can make use of resources such as land, platform, logistics, finance, information and function of logistics industry, and achieve maximum value through planning. Logistics real estate has the characteristics of relatively high investment, policy support and steady increase in value, but the payback period, business variables and management control are professional technologies. Although advantages and disadvantages are in the same place, the advantages far outweigh the disadvantages. According to the logic of commercial real estate, logistics real estate funds investment is relatively small, but the long payback period of investment, in exchange for advantage is relatively stable, its return on investment than commercial real estate or simply "rough", which leads to planners, planners or developers for instant success, finally to implement the project "down to earth".
And the logistics real estate should be "ground gas", only with the resource endowment of the region itself. First of all, we need to consider the necessity and feasibility of setting up logistics park from the reality. Secondly, logistics park planning should start from the needs of the coordinated development of the entire urban logistics system, and we should not like "new" and "old". Third the purpose is to save land and improve the function of urban logistics. Finally, we must adhere to the market operation. In the planning of the whole logistics park, the government should not only take the lead in unified planning and coordination, but also adhere to the principle of market operation. Therefore, the development of venture capital, insurance, trust and funds under the electricity supplier era is trying to enter the logistics real estate, so the so-called "no profit can not afford to get up early" is a force driven by interests.
In recent years, the average rent of high quality warehousing property in the whole country has risen continuously. Related research shows that the return on real estate investment has reached more than 8%, and the actual planning and operation of the appropriate projects are completely or greatly exceeded. In the era of e-commerce logistics, logistics real estate enterprises should enhance the professional skills of logistics and practice the internal skills. "Suitable for themselves is the best model". On the other hand, it is necessary to focus on the core business, to develop a clear idea and not to overdo the commercial real estate. Especially in the era of big data, enterprises want to improve their operational efficiency. They can try to expand the assets of light assets, flexible operation assets, business platform and visualization.
Data show that in 2017, at least $25 billion 400 million of Chinese capital was invested in logistics property. Huang Hui, director of logistics and real estate in East Asia, believes that the booming development of e-commerce will continue to promote the prosperity of the logistics real estate market, and the scale of transactions in the investment market is expected to increase year by year. So, Asia's largest logistics real estate investment in recent Papadopoulos, a leader is in today's global logistics real estate. At present, the logistics real estate developers in Japan, Brazil, China Papadopoulos and the United States to hold or manage the logistics real estate area of about 55 million square meters, corresponding to the value of the assets of about $41 billion. Especially in the Chinese Papadopoulos, the market share of more than second to tenth of the sum of the absolute leading position. At the same time, Papadopoulos in Japan, Brazil's market share ranked first, ranking second in the u.s.. In addition to the development and operation of logistics real estate, Papadopoulos business also involves the logistics real estate fund management.
The little-known is that the logistics big crocodile has been established for only ten years. In 2008, when in trouble in the United States giant Prol Ogis group will be located in the China and Japan asset sale form ProLogis, was difficult. Fortunately, at the time of birth, the start and development of the retail business in China has given a great opportunity to the storage and logistics industry. In ten years, with a historic opportunity for development, Chinese electricity retail logistics space demand increased rapidly, the rapid expansion of the scale, Papadopoulos assets grow rapidly, and gradually developed into a leading global logistics giant, at present, Papadopoulos portfolio includes 252 Logistics Park 8 big city Chinese in mainland, totaling 530 million square meters.
Great potential in the future of logistics real estate
Not long ago, East Group also announced that, be associated with the Pingtan Ruixin investment management partnership were invested 81 million yuan and 9 million yuan, jointly set up east Ruixing capital management ltd.. East Group said that the new company will be responsible for the company's logistics real estate project management and operation, is conducive to further improve the incentive mechanism of the transaction management team, effectively promote the smooth development of logistics real estate business of the company. Before that, besides the layout of Alibaba, such as rookie and Jingdong logistics, Vanke, greenbelt, Wantong, Huaxia, Huaxing and other real estate enterprises and Ping An group have also expanded to enter the logistics real estate.
According to the relevant information, Vanke revoked the logistics real estate department in June 2015, and established the Wanke logistics real estate development company. At present, Vanke has officially obtained 6 logistics real estate projects in Guiyang, Wuhan, Shanghai, Shenyang, Changsha, Chengdu and other places. In this regard, former senior vice president of Vanke Mao Daqing won the Langfang project in Vanke said, with the city level, improve the efficiency of the flow of goods, the cost is low, the logistics industry has become an important part of city life, the logistics industry has great potential. Xiao Li, another senior vice president of Vanke, also believes that the current domestic warehousing construction is far behind the development of online shopping industry, so the logistics real estate has a good development space.
Tan Huajie, vice president of Vanke, said that China's e-commerce penetration has exceeded the United States, but the construction of logistics real estate and storage property is far from keeping up. Data show that in the United States, the average per capita commercial area is only 2 square meters, but the per capita storage area has reached more than 5 square meters. And China's current per capita storage area is only 0.4 square meters, less than the 1/10 in the United States. "It can be said without doubt that in the classification of all real estate in China, logistics real estate is the largest blue ocean market, and it is the highest rental yield among all real estate types in China. There is a great opportunity in this, and we can't give up this opportunity. " Tan Huajie said. People in the industry believe that the main reason for the hot real estate at the present stage is the value chain. On the one hand, in the background of land scarcity, logistics and other industrial land have exclusive supply of land. In addition, the rental income generated by the long contract and the possible management fees have made the operating income stable. Third, the property financial property of the logistics is strong, and the overseas real estate agent is very good at using private property fund to improve the leverage and speed up the return of funds.
Not only is ProLogis, East Group, Vanke, in fact, the rapid development of the retail business Chinese ten years to boost a large number of logistics enterprise's success, such as traders, logistics and other songs of mahogany. It also plays a more and more important role in the asset portfolio of the Australian Jiamin group and the old companies that have later resumed their vitality. According to official statistics, China's total sales of e-commerce are now the first in the world. The largest customers include ProLogis Alibaba and Jingdong of the two Chinese commercial giants, including Amazon and WAL-MART and other international companies. Looking for the future of the logistics market, China's mainland investors have been coveted for a long time in warehousing and logistics projects. only recently the deal Papadopoulos, originally held 36.8% stake in the Government Investment Company of Singapore GIC Papadopoulos, is expected to benefit through the sale about 3 billion 400 million dollars, and some Chinese investment, therefore it is expected to gain great benefits.
According to the Singapore Stock Exchange on the acquisition announcement, Vanke will be the single largest shareholder after the privatization of papadopoulos. For Vanke, Papadopoulos participate heavily loaded privatization significance is not only to get capital gains so simple, there is a higher strategic considerations. Vanke said, involved in the acquisition of ProLogis will be an important measure of Vanke City supporting service providers strategy, help to improve the layout in the field of logistics real estate Vanke, create a new mode of commercial development in the global scope. In fact, network retail, retail consumer goods and high-end manufacturing are the three carriages to drive the development of modern logistics real estate. The latest annual report to Papadopoulos as an example, the top five customers belong to the third party logistics and electricity supplier industry, main types of goods including FMCG, automotive parts, medical equipment and other storage.
The construction land will not increase only to the logistics real estate
In addition to domestic capital, foreign capital has also been very good for China's logistics real estate in recent years. Blackstone Group Co founder Su Shimin said that Blackstone Group's investment in China is about 5 billion dollars, and investment is mainly concentrated in logistics real estate and shopping centers. As the world's largest alternative investment management company, Blackstone is currently managing an asset of $356 billion. "We are like a basketball team, and only when the chances are obvious will we shoot, not the offensive. The closer we get to the basket, the happier we are. " Su Shimin said that Blackstone Group is very optimistic about China's logistics and real estate investment, and is benefited from China's booming electricity supplier market. For us, logistics real estate is an obvious opportunity to shoot.
Experts say that the supply and demand structure of logistics facilities in China presents a short term imbalance at this stage. According to the statistical data, the demand and supply ratio of China's modern logistics facilities in 2015 is 44.9%, and the supply gap is 23 million 900 thousand square meters. Meanwhile, the report from Jones Lang lason said that by 2020, the scale of China's e-commerce market will reach 1 trillion dollars, and the market will increasingly develop towards B2C mode (business to consumer). More logistics distribution centers will be needed to match it. With the strong demand for diversified transformation of Chinese real estate developers, as a benchmark of industry, Vanke spent a lot of investment in building warehouses instead of building houses. Therefore, China's logistics industry has become one of the hottest targets of mainland real estate investors.
At present, China logistics real estate investment market has just started, taking into account the scale and speed of development, Chinese electricity supplier and the entire retail market, logistics real estate there is a huge potential, believe the scale of investment will be increased year by year, the future of large transactions such as Papadopoulos will also occur frequently. But it is worth noting that at this stage of China's logistics real estate, foreign capital occupies an absolute dominant position. Since 2003 to enter the foreign China, like foreign fast layout Papadopoulos like, has occupied the whole logistics real estate market share of 55%, the total land reserves in the China is as high as 20 million square meters. By Papadopoulos led by foreign, had the highest occupied more than 80% market share.
In May 12, 2017, the Shanghai Municipal Commission of letters and Municipal Planning Bureau held a new interpretation conference of industrial land. According to the strategic goal of Shanghai's sustainable development, Shanghai's stock industrial land will be used as a breakthrough for land mobilization. "The scale of construction land only has not increased, and the transformation of urban development has been forced by the way of land utilization. At the same time, the industry cannot be hollowed out, and the appropriate layout of industrial land must be retained." Shanghai recently released the industrial real estate and forced the signal of urban development: the implementation of the flexible annual system of the new industrial land transfer, the average period of the land transfer for the general industrial project is 20 years, and the selling period of the key industrial projects with special requirements for land use can be 20 to 50 years. This is interpreted by the industry to bring benefits to the logistics real estate.
Industry analysts believe that, in the future, the industry competition depends on who is controlled by the resources of the land and customers. Due to the limited supply of local industry and storage land, the future land developers will move from one hand to the two level land market, thus pushing up the cost. In addition, in a large number of low - and low - end warehouse flooded, the market formed a vicious competition, and the economy is in the downlink stage, the cargo owners are increasingly sensitive to storage costs. In the medium and long term, the era of logistics real estate companies relying solely on China's economic growth, land and artificial dividends has been difficult to maintain. In addition to logistics real estate industry to accelerate the layout of the line, the number of current capital market scale has exceeded expectations, such as in 2015 2016, the East Group Papadopoulos stationed in Guangdong purchase, Nanshan Bay logistics holdings absorption completed this year, A stock market logistics quantity of the property subject, in fact, has exceeded the previously expected, it can be predicted that the future competition of domestic and foreign capital in the logistics real estate market will be exacerbated.