- By the end of January, Mirattery's battery assets under management had surpassed 40 GWh.
- This marks the world's first hold-type power battery REITs, representing a pivotal step in Mirattery's power battery asset securitization strategy.
Mirattery, the battery asset operator of Nio Inc (NYSE: NIO, HKG: 9866), also known as Wuhan Weineng, has completed a REITs (Real Estate Investment Trusts) issuance as its latest asset securitization effort.
The REIT issuance closed on Wednesday at RMB 501 million ($72.5 million), with underlying assets comprising power batteries serving vehicle owners under a leasing model, according to a Mirattery statement.
This marks the world's first held-for-investment power battery REITs (held-for-investment ABS), representing a key step forward in Mirattery's power battery asset securitization, it said.
Held-for-investment REITs, typically structured as hold-type asset-backed securities (ABS) or quasi-REITs, are investment vehicles designed to hold income-generating real estate assets for the long term rather than immediate sale.
The issuance was completed by CITIC Securities with support from the Shanghai Stock Exchange.
As of the end of January, Mirattery's battery assets under management exceeded 40 GWh, according to the company.
Leveraging the equity financing attributes of REITs, Mirattery will further implement its asset-light strategy. This will broaden diversified financing channels while improving the company's asset-liability structure, it said.
Mirattery was established on August 18, 2020, as a joint venture between CATL (SHE: 300750), Nio, Guotai Junan Securities, and Hubei Science Technology Investment.
In August 2020, Nio launched its BaaS (Battery as a Service) battery rental business, with Mirattery serving as the manager of these leased battery assets.
Over the past few years, Mirattery has advanced asset securitization through the issuance of ABS and ABN (Asset-Backed Medium-Term Notes).
In December last year, Mirattery announced the completion of a Series C equity financing round worth nearly RMB 1 billion.
($1 = RMB 6.9104)
