Dynasty REIT (IPO)

Dynasty REIT - Rather interesting on how the deal is being structured. If you read the prospectus, The Manager has put in place a DPU support arrangement, whereby RMB491.0m of the proceeds (approx. 10%) raised from the Offering will be utilised by the REIT Manager for the primary purpose of payment of distributions. Note that this is the first time we have heard part IPO Proceeds being used to pay back investors as part of their DPU, certainly brings financial engineering to a whole new level.