Suntec prints rare S-Reit convertible

The Singapore property manager raises S$300 million from the first convertible from an Asia ex-Japan Reit in nearly three and a half years.

The real estate sector's moment in the sun continued late on Thursday, as Suntec Real Estate Investment Trust attracted decent demand for its S$300 million $223 million convertible bond sale, despite aggressive pricing.

It becomes the latest in a string of trusts to tap markets in recent months. Trusts managed by China's Forchn Holdings, Australia's Frasers Centrepoint  and Manulife, offering a US office portfolio, have all launched Singapore IPOs since April. Hong Kong's Link Reit tapped the green bond market last month. That broke a long string of inactivity on the reit front, and all found a receptive audience despite economic uncertainty. Where Suntec...

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