Zheng Quan Zhi Xing·2025-08-29 14:26Core Viewpoint - The Southern SF Logistics Closed-End Infrastructure Securities Investment Fund aims to provide stable and sustainable returns to investors through investments in infrastructure asset-backed securities, focusing on logistics and warehousing projects across various locations in China [2][4]. Fund Overview - The fund, named Southern SF Logistics REIT, was established on March 27, 2025, with a total of 1 billion shares issued [2]. - The fund primarily invests in infrastructure asset-backed securities and aims to hold all equity and related debt of infrastructure project companies [2][4]. - The fund's management strategy emphasizes active operational management to ensure stable project operations and returns [2]. Financial Performance - For the reporting period from March 27, 2025, to June 30, 2025, the fund reported total income of approximately 75 million yuan and a net profit of approximately 21.64 million yuan [3][4]. - The fund's total assets at the end of the reporting period were approximately 3.72 billion yuan, with net assets of approximately 3.31 billion yuan [3][4]. - The cash distribution rate for the reporting period was 0.93%, with an annualized cash distribution rate of 3.55% [3][4]. Asset Projects - The fund holds three infrastructure projects located in Shenzhen, Wuhan, and Hefei, with a total leasable area of approximately 465,231.18 square meters and an occupancy rate of 96.30% [4][5]. - The average effective rental price at the end of the reporting period was 47.93 yuan per square meter per month [4][5]. - The projects have been operational for varying lengths, with the Shenzhen project operating for 10 years, the Wuhan project for 4 years, and the Hefei project for 6 years [4]. Market Conditions - The logistics and warehousing industry is a key focus area supported by national policies, with a significant emphasis on modernizing infrastructure to meet supply chain demands [9][10]. - The overall market for high-standard warehouses in Shenzhen is characterized by limited new supply, leading to stable rental prices and occupancy rates [13]. - In Wuhan, the market faces competitive pressures due to increased supply, while Hefei is experiencing downward pressure on rental prices due to regional competition [14][15]. Competitive Landscape - The logistics real estate sector in China is undergoing a transformation from scale expansion to quality improvement, with operators focusing on efficiency and technological upgrades [11][12]. - The fund's projects are strategically located in key logistics hubs, enhancing their competitive positioning in the market [9][10].