Core Viewpoint - Warehouse REIT has withdrawn its support for Blackstone's acquisition proposal and is now backing Tritax Big Box's offer, which values Warehouse REIT at £485.2 million, surpassing Blackstone's previous bid [1][3]. Group 1: Acquisition Details - Tritax Big Box REIT's acquisition proposal includes a cash and share exchange, offering Warehouse REIT shareholders 0.4236 new Tritax shares and 47.2 pence in cash [3]. - The implied value per share for Warehouse REIT is 114.2 pence, representing a 39% premium over the closing price before the initial offer and approximately 4.8% higher than Blackstone's bid of 109 pence [3]. - Tritax has received support from shareholders holding 8.4% of Warehouse REIT's shares, including board members [3]. Group 2: Strategic Implications - The merger will create a combined company valued at £7.4 billion, focusing on large logistics and warehousing assets in the UK [3]. - Tritax anticipates clear strategic and financial synergies from the acquisition, projecting continued growth in earnings and dividends post-merger [3]. - Warehouse REIT's chairman expressed confidence in Tritax's ability to integrate and unlock synergies, emphasizing the benefits for shareholders [5].

Group 1 - The 2025 Maritime Silk Road Port Cooperation Forum focused on how financial innovation can empower the integration of ports and cities, exploring collaborative innovation paths for port finance development and urban integration [1] - Zhejiang Province is positioning itself as a key hub for the "Belt and Road" initiative and the Yangtze River Delta integration, aiming to build a world-class strong port and a high-level open province [1] - Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance is committed to enhancing the international competitiveness of the shipping service industry through policy reforms and research in ship financing and shipping insurance [1] Group 2 - The strategic value of logistics real estate in regional economic collaboration is highlighted, with a shift from single warehousing functions to a composite model of "smart hubs + industrial clusters + urban support" [2] - The improvement of shipping index futures products is seen as a way to help companies mitigate shipping price volatility risks and stabilize operational expectations [2] - Discussions at the forum emphasized the trend of port economies extending from traditional logistics to integrated manufacturing, trade finance, and digital services, aiming to create internationally competitive port industrial clusters [2]

Group 1: Market Overview - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors supporting its development [1][2] - Global economic conditions and geopolitical tensions are identified as significant external challenges impacting the market [2][9] - Singapore's position as a regional financial hub and government policies are seen as stabilizing factors for the real estate market [2][10] Group 2: Economic Outlook - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024 [5][9] - Inflation is expected to ease to 1.5-2.5% in 2025, following a decline from 4.8% in 2023 [5][19] - Interest rates in Singapore are anticipated to follow a downward trend, with projections suggesting a decrease to 3.75%-4.00% by the end of 2025 [5][21] Group 3: Office Market - The office market saw a net absorption of 1.91 million sq. ft. in 2024, the highest since 2017, driven by new Grade A office developments [28] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality among occupiers [30] - Core CBD (Grade A) rents are expected to grow modestly by around 2% in 2025, supported by limited supply and continued demand for high-quality spaces [39] Group 4: Industrial & Logistics Market - E-commerce and logistics sectors accounted for 39% of leasing demand in 2024, indicating resilience despite challenges [46] - An estimated 4.92 million sq. ft. of logistics supply is expected in 2025, which is about 3.9% of existing warehouse stock [53] - Average prime logistics rents rose by 1.1% to $1.87 psf per month in 2024, with expectations of stability in 2025 [54] Group 5: Retail Market - Tourism recovery is projected to continue in 2025, with visitor numbers expected to rise due to new attractions and events [62][63] - Approximately 0.50 million sq. ft. of retail space is expected to complete in 2025, significantly lower than previous years, which should support retail rents [70] - Overall average retail prime rents are expected to grow by 2-3% in 2025, recovering to pre-pandemic levels [74]

投资者： 贵公司是否受益于国内内循环政策？ 董秘最新回复 董秘： 感谢您对公司的关注。近期，国家出台一系列刺激消费的政策，旨在推动经济增长和提升内 需，也为公司业务发展创造了有利的外部环境。公司将持续关注相关政策后续的落地情况，根据下游市 场需求变化相应调整经营策略与目标。 投资者： 贵公司业绩是否受益于内循环和内需政策？ 截至2025年4月11日收盘，南山控股(002314)报收于2.21元，上涨0.0%，换手率1.73%，成交量23.17万 手，成交额5128.11万元。 董秘： 感谢您对公司的关注。近期，国家出台一系列刺激消费的政策，旨在推动经济增长和提升内 需，也为公司业务发展创造了有利的外部环境。公司将持续关注相关政策后续的落地情况，根据下游市 场需求变化相应调整经营策略与目标。 投资者： 贵公司开展零碳园区建设，能否降本增效？能减少多少成本？ 董秘： 感谢您对公司的关注。公司持续推进绿色低碳转型，旗下宝湾物流持续打造"绿色、低碳、环 保、高效"智慧型物流园，多个智慧物流园区先后获得中国仓储与配送协会颁发的"一级绿色仓库"（最 高级）评定，首个零碳园区上海快仓项目获国际认证。此外，公司产城综合开发业 ...