Saturday, April 27, 2013

Croesus Retail Trust IPO

Croesus Retail Trust, a Japanese real estate investment trust, is aiming to raise about S$394 million through an initial public offering in Singapore this year.


Some details include:
Preliminary prospectus available here:$File/CRT%20Preliminary%20Prospectus.pdf

indicative price: $0.93

Offering: 208,815,000 and 248,015,000 Units
Number of units in public offer: 21,505,000 Units
[page 31 of preliminary prospectus]

yield forecast: $0.074,    yield: 7.96% for 1 July 2013 to 30 June 2014
                         $0.0749, yield: 8.05% for 1 July 2014 to 30 June 2015
[page 10 of preliminary prospectus]
I personally don't like the way they round to the nearest 1 decimal place and say 8 and 8.1% yield.

Gearing:   $27,419,096 / $57,685,819 = 0.4753 or 47.5%  [page 41 of preliminary prospectus]

Properties and projected income:

Corner stone investors:
[page 72-74 of preliminary prospectus]

  • Asdew Acquisitions Pte Ltd
  • Citadel Asset Management
  • D.E. Shaw Valence International, Inc.
  • Eastspring Investments (Singapore) Limited
  • G.K. Goh Strategic Holdings Pte Ltd
  • Hong Leong Asset Management
  • Hwang Investment Management Berhad
  • JF Asset Management Limited
  • JABCAP Multi Strategy Master Fund Limited
  • Myriad Asset Management Limited
  • Target Asset Management Pte Ltd
Indicative timetable:
[page 36 of preliminary prospectus]

Other notes:
This is not a REIT and the trust do not need to maintain above 90% distributions as payout. See differences between REIT and trust for more info:
Differences between reits and trusts

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