OUE Commercial REIT trades below IPO price

PropertyGuru

27 January 2014 at 10:50 pm

After raising S$346 million in its IPO, OUE Commercial Real Estate Investment Trust (C-reit) ended its first trading day on a weak note, with units traded below their IPO price of S$0.80 per unit, according to media reports.

Over 8.8 million units traded at S$0.785, about 3.8 percent lower than the initial stock offering of 80 cents per unit, during the first few minutes. The price remained unchanged at the closing of the trade.

Overall, it sold 433 million units, with Cornerstone investors subscribing for 255 million units or over 50 percent of the deal.

This year, the REIT offered a dividend yield of 6.8 percent.

OUE C-Reit is the newest addition to Singapore's 25 listed Reits as firms take advantage of investor demand for high-yield securities and tax incentives.

Its initial asset portfolio comprises Singapore's OUE Bayfront Property (pictured) and another office building in Shanghai.

Image source: DP Archtects

Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.

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