nitial public offerings of Australian property trusts are back in vogue, with two management teams currently meeting institutional investors in Asia ahead of planned September listings.
Pacific Retail REIT, which will own five shopping malls, is seeking up to 395 million Australian dollars (US$363 million) at A$1.00 a share in a deal underwritten by Moelis & Co., according to an investor presentation seen by MoneyBeat.
At least A$28 million of that total will come from Singapore-based ARA Asset Management and its associates. ARA is an affiliate of Hong Kong-based Cheung Kong Group, which specializes in taking stakes in listed and unlisted real estate trusts.
The company is offering an earnings yield of around 8.5%–almost double the returns most individuals can fetch by parking their cash in term deposits with Australia’s major lenders.
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