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 comparing it primarily to Japanese real estate investment trusts that trade in Tokyo J-Reits.
And with an implied yield of 8% for the fiscal year to June 2014, Croesus definitely stood...
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