singapore-reit-targets-us-investors

Singapore Reit targets US investors

The strategy proves worthwhile for Cambridge Industrial Trust as it raises $133 million to add six properties to its portfolio.
October 15, 2007
Cambridge Industrial Trust has raised S$193.9 million $133 million from a follow-on unit sale to pay for the acquisition of six more industrial properties and, in the process, has become the first Singapore real estate investment trust Reit to sell units into the US.

The fully marketed offering of shares under Rule 144A proved to be well worth the extra effort as institutional investors based in the US accounted for over 30% of the total demand. And given that the total deal was only 1.6 times covered, that suggests it would not have been fully subscribed without the help from these accounts.

Singapore Reits have been under pressure in recent months as the market...
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