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物流地产投资是资本盛宴还是昙花一现

2017-08-08 09:46:08   

今年7月,由万科、厚朴投资、高瓴资本、中银投联合组成的中国财团与普洛斯发布公告称,该财团与普洛斯董事会已就全面私有化新加坡上市公司普洛斯达成一致,交易收购单价为每股3.38新加坡元。如本次私有化能够完成,交易总价将达到116亿美元(约790亿元人民币),有望成为亚洲历史上最大的私募股权并购。

在此次并购中,黑石集团(BlackstoneGroup)、KKR、RRJ、TPG等国际财团主动退出;而阿里巴巴、京东和苏宁等电商集团所代表的基金或财团因与普洛斯存在市场竞争,遭到普洛斯管理层的抵制,铩羽而归。

普洛斯本次私有化的价格不仅高于其上市以来的最高收盘价,也比过去12个月的成交量加权平均股价高出81%,但依然低于预期的140亿美元至182亿美元估价,甚至比普洛斯旗下的物业资产价值(147亿美元)还低。

业界分析认为,普洛斯收购案是一场“内部人的收购游戏”,即这是一场由梅志明领衔的普洛斯管理层进行的管理层收购(MBO)。

而以狙击MBO狠烈著称的KKR,此次也并未像过去杠杆并购RJR那样,对普洛斯管理层发起狙击,也是因为梅志明在厚朴投资、高瓴资本等资本支持下预设了金降落伞、驱鲨剂甚至毒丸计划,并定向邀请了万科和中银财团加入。当然,正是有了中国财团雄厚资本的支撑,让以往纵横资本市场的国际私募巨头对收购普洛斯望而却步。

这桩亚洲最大的私募收购案也让物流地产成为资本和社会关注的焦点,并向外界展示出当前物流地产在中国的迅猛发展势头。AMB安博(包括原普洛斯Prologis除亚洲外的全球部分)、普洛斯GLP、嘉民(澳大利亚)和盖世理等国际四大物流地产巨头纷纷在中国布局,设置重资产。仅普洛斯GLP在华储备的土地就高达2000万平方米。而此次私有化之后,普洛斯GLP的资产基本上属于中国资本所有,且拟在香港上市;而澳大利亚嘉民的最大股东早在2009年就已改为中投集团。

国内传统房地产大鳄也开始进军物流地产。万科早在2015年就与黑石集团成立了物流合资公司,2016年底已拥有147万平方米的仓储物流地产,并在2017年规划完成了150万平方米的仓储面积。此次受邀加入普洛斯GLP私有化,表明万科未来可能会在物流地产的整体布局上做出调整。

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