Harvest & JD Storage Logistics REIT, a real estate investment trust (REIT) operated and managed by JD Property, a subsidiary under JD.com, was officially listed on the Shanghai Stock Exchange on February 8.
The REIT raised RMB 1.757 billion yuan (US$257.52 million), with offline allotment reaching 126.04 in over-subscription multiples.
JD said in a statement that this is China's first public warehousing and logistics REIT issued by a private company.
The assets of the REIT include three logistics parks located in Langfang, Wuhan, and Chongqing, covering a total floor area of 350,995 square meters.
JD Property warehouses
JD said all three are "scarce high-standard warehouses" that represent the highest level of warehouses in China in terms of scale and automation, offering reliable profitability and a strong capability to fend off risks.
The occupancy rates of these three parks are all 100%, with average leasing terms reaching five years, higher than the industry average of three years.
JD Property provides integrated services for industrial infrastructure development and asset management and owns all of JD.com's self-built logistics facilities.
As of now, JD Property's modern warehousing network has been deployed in 29 provincial-level administrative regions across China, with a total area of over 20 million square meters under management.
The company also runs 24 projects in Southeast Asia and other regions overseas.
Sandy Xu, CFO of JD.com, said: "As the first private warehousing and logistics REIT, Harvest JD Warehousing Infrastructure REIT will greatly stimulate and enhance the vitality and confidence of the private sector to invest in supply chain infrastructure and help to promote the digitalization, networking and intelligentization of the warehousing and logistics industry."
Xu added that JD.com would also continue to promote the construction of supply chain infrastructure.
