Mapletree REIT gains on first trading day
SINGAPORE: Mapletree Greater China Commercial Trust, Asia's biggest share sale this year, gained on its first trading day as investors were attracted by returns higher than those of comparable properties.
Shares started trading at 2pm and gained 10 per cent to S$1.025 at 2.04pm after being offered at S$0.93 a piece.
The property trust raised S$1.6 billion (RM3.98 billion). The offer price reflects a 5.6 per cent yield for the year ending March 2014, compared with the 4.2 per cent return for the Bloomberg Asia REIT Index.
"Investors are buying because of the attractive yield," said Alan Richardson, a Hong Kong-based fund manager who helps oversee about US$110 billion for Samsung Asset Management Co. Bloomberg