Croesus Retail Trust draws strong demand for IPO

A Singapore business trust with a portfolio of Japanese shopping malls, Croesus will raise $297 million from the fixed-price offering as investors load up on high-yielding equities.

Croesus Retail Trust draws strong demand for IPO

The combination of an attractive yield and a general appetite for Japanese assets saw investors pile into the initial public offering of Croesus Retail Trust, leaving the S$365.3 million $297 million deal massively oversubscribed when it closed on Tuesday, sources said yesterday.

Croesus is listing in Singapore in the form of a business trust, but the four shopping malls that make up its initial portfolio are all located in Japan, which meant that investors were...

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