Korea's fledgling real estate investment trust Reit industry took another step forward yesterday with the $73 million IPO of Macquarie Central Office Corporate Restructuring REIT MCO CR-REIT on the Korean Stock Exchange.
This represents Korea's seventh CR-REIT since the government legislation enabling REITs was enacted two years ago. It is however, the first one to be issued by a wholly foreign owned manager.
The retail portion of the transaction was 2.25 times oversubscribed, an encouraging sign for the coming of age of the Korean Reit sector. David Schaefer, Macquarie's head of real estate for Asia, says, This CR-REIT is indicative of the acceptance that new Reit products...
