The country’s first port logistics public offering REITs were approved in Tianjin

China News Service, Tianjin, November 4 (Sun Yifei) A reporter learned from the Tianjin Securities Regulatory Bureau on the 4th that the Port Closed Infrastructure Securities Investment Fund of CCB Tianjin Lingang Development Group was officially approved by the China Securities Regulatory Commission and the Shanghai Stock Exchange, becoming the first approved port logistics public offering REITs project in the country.

According to reports, the asset valuation of the project is 2.254 billion yuan, the fund is planned to be sold with a scale of 2.004 billion yuan, the contract period is 49 years, and the original equity holder plans to hold 34% of it. The underlying assets are the No. 2 and 3 Grain and Oil Terminal Projects in the Dagukou Port Area of ​​the Tianjin Port Free Trade Zone and the Phase I Project of the Grain and Oil Logistics Center.

Dagukou Port Area, where the above-mentioned underlying assets are located, is an important grain entry port in the north and the largest grain, oil and food processing base in the north. The project shoulders the important responsibility of ensuring smooth grain logistics and ensuring people's livelihood, and serves surrounding grain and oil processing and storage enterprises through the "front port and back factory" layout.

The project initiator is Tianjin Lingang Investment Development Group Co., Ltd., the original equity owner is Tianjin Lingang Port Group, and the fund manager is CCB Fund. Tianjin Lingang Development holds and operates 14 specialized terminal berths in Dagukou Port, providing an asset pool for the fund's subsequent expansion.

Relying on the fundraising mechanism, the project is expected to directly drive investment in new projects exceeding 4 billion yuan, and is expected to leverage nearly 10 billion yuan in incremental investment in ports in the medium and long term. Previously, the land assets in the transportation and logistics sector of publicly raised REITs have already reached a certain scale, but port assets have continued to be absent. This project just fills this gap.

This project promotes the regulatory rules for benchmarking public REITs for port assets, and its model can provide reference for the revitalization of national logistics hubs. The recovered funds will continue to be invested in the construction of new projects to build a virtuous capital cycle and consolidate capital support for the maritime power strategy, the national food security strategy and the coordinated development of Beijing, Tianjin and Hebei.