Singapore's first UK-focused REIT successfully floats

Elite Commercial REIT, the first wholly UK-focused REIT to be floated in Singapore, has made its debut on the Singapore Exchange (SGX). 

Listed as of February 6, Elite Commercial opened at £0.705 (€0.85), some 3.7% higher than the initial public offering (IPO) price of £0.68 per unit.

The fund has a portfolio of 97 predominantly freehold commercial properties, recently leased to the UK government.

Shaldine Wang, Elite Commercial REIT Management's CEO said: 'We are glad that the IPO was well-received by the investment community.

'This is a testament to our strong investment proposition of providing investors with attractive yields and steady cash flow. We are grateful to have dedicated professionals including the team from Eversheds Sutherland led by Lee Jackson. We would like to thank the team for their valuable advice and support to make this IPO a huge success.'

Eversheds Sutherland’s UK investment team advised Elite Commercial REIT Management on all UK elements relating to the listing, working closely with EY and Allen & Gledhill teams in Singapore to deliver a first for the SGX.

Eversheds Sutherland real estate investment partner Lee Jackson said: 'This transaction is a clear demonstration of overseas investors interested and willing to deploy capital into UK real estate.

'Amid an environment of recent political and economic uncertainty in the UK and Europe, this listing should encourage the UK’s real estate sector, which obviously remains an attractive destination for investment.'


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