Prime US Reit IPO

Why do US Reits like to list in Singapore?

One reason is that if they were to be listed in NYSE, their size will be so small that they are likely to be ranked somewhere about 200th US Reit by market capitalization.

In Singapore, they would be much more prominent in the eyes of dividend hungry asian investors.

Note that recent IPO of two USD Reits of Eagle HTrust USD (LIW.SI) and Ara HTrust USD (XZL.SI) in SGX were lackluster.

Review by bloggers

If you have time to read only one analysis, read this : https://www.probutterfly.com/blog/prime-us-reit-ipo-a-qualitative-review

Here are what other bloggers are saying about this reit ipo:

My opinion

There is a trend to IPO Reits  with market cap of about $800M. These Reits will then do equity fund raising not long after IPO to acquire more properties to build up their AUM. Recent IPOs that did this were:

  • Keppel-KBS Reit USD (CMOU.SI)
  • Manulife USD (BTOU.SI)
  • CromwellReit EUR (CNNU.SI)

I think investors are better off buying from the market when these companies announce right issue, or preferential offering.

Although Maybank Kim Eng is one of the joint bookrunners and underwriters for this IPO, I will not be paying much attention to this issue.


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