Croesus Retail Trust

Croesus Retail Trust (CRT): Trust has lodged its preliminary prospectus- available on the left "Files" panel. CRT's offering of up to 248m units for its IPO, will be made up of up to 226.5m for institutional investors, and 21.5m units offered to the public, indicative listing price will be $0.93 per unit. Croesus will be open for the Public Offer on 3 May 9.00am, and will close at 12pm on 8 May; Listing will be scheduled for 10 May 2013. Asia Pacific retail trust has an initial portfolio in Japan, comprises of 4 properties- Aeon Town Moriya, Aeon Town Suzuka, Luz Shinsaibashi and Mallage Shobu. Properties have an aggregate net lettable area of 180,622 sqm, with occupancy rate of 100% as at 31 Dec 2012. CRT will be distributing 100% of its distributable income to unitholders for FY14 and FY15, and 90% from FY16 onwards. Distributions will be paid in Singapore dollars, and CRT will be distributing them on a semi-annual basis. Its first distribution after its listing, however, will be paid on or before 31 Mar 2014, for the period ending on 31 Dec 2013. Forecasted DPU for FY14 and FY15 would be $0.074 and $0.0749 respectively, which represents an annualized distribution yield of 8.0% and 8.1% for FY14 and FY15. The distributable income for FY14 and FY15 is hedged, at a rate of 79.19 jpy/sgd. Thereafter from FY16 onwards, at least 80% of each semi-annual cash flow distribution will be hedged. CRT is backed by Daiwa House Industry Co. and Marubeni Corp. 163.7m units have been secured by cornerstone investors, which include Citadel Asset Management, D.E. Shaw Valence International, Eastspring Investments and Hong Leong Asset Management.