cambridge-relaunches-reit-ipo-with-higher-yield

Cambridge relaunches REIT IPO with higher yield

Cornerstone tranche halved to allow the industrial property trust to boost returns through increased leverage.
Cambridge Industrial Trust, which postponed its initial public offering in mid-June after failing to attract enough interest from institutional investors, is back in the market with a re-shaped deal that is bound to draw attention because of a premium yield.

The offering, which is fully underwritten by joint bookrunners ABN AMRO Rothschild and CLSA, will be done through an accelerated bookbuilding that will close at the end of London trading on Thursday, July 13.

The Singapore-based real estate investment trust which is backed by a group of 17 property owners and focuses on industrial and warehousing properties, is offering investors an annualised 7.5% yield for both 2006 and 2007, which is well above the...
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