Case Study On REITs Financing In SF Industrial Park

With the striking expansion of Internet and the speedy development of e-commerce business,followed by the increase of logistics demand.Logistics giants have expanded the layout of industrial parks in key and first tier cities nationwide.Therefore,real estate investment trust(REITs)has entered the vision of enterprises with their characteristics of low financing cost and good financing effect.This thesis takes the REITs of SF phase I Industrial Park in 2018 as the research subject of the project to explore the success of this first domestic logistics real estate REITs,and this thesis can be great reference for other enterprises.This thesis uses case analysis and literature analysis to study.Firstly,it expounds the basic concepts and related theories of REITs;Then it analyzes the future development trend of logistics real estate industry,explores the adaptability between REITs and logistics real estate industry,and points out that if logistics enterprises want to expand on a large scale,financing through REITs is the best way;Then,through the case analysis of SF Industrial Park REITs,this thesis analyzes the basic assets,transaction structure,transaction process and credit enhancement means of the product,and finds out the reasons for the successful issuance of SF REITs through strict logical reasoning and detailed data support.And draw the following enlightenment: first,excellent basic assets are the premise of the success of SF issuance;Second,the comprehensive means of increasing credit has doubled the confidence of investors;Third,a good distribution structure reduces the distribution cost.Through the above very universal enlightenment,it can make the preparation of other enterprises that want to finance through REITs more perfect,and make the matters needing attention in subsequent issuance and promotion more clear.Finally,at the end of the thesis,relevant suggestions are put forward for SF.First,optimize the REITs portfolio;Second,reduce the investment threshold of REITs;Third,keep up with REITs market dynamics.The solutions are mainly proposed for some deficiencies in SF’s project design or operation structure design,and SF is expected to be more smooth in the subsequent REITs release process.