Accordia Golf Trust

Accordia Golf Trust: Singapore’s first business trust with golf course assets in Japan has completed its Singapore public offering, which was only 0.7x subscribed. The trust is priced at $0.97, the bottom end of its $0.97 - $1 indicative price. Unitholders can expect to receive an annual distribution yield of 9.1% (including non-recurring items) or a normalized distribution of 7.0% for FY15e. The total gross proceeds of ~$758.6m raised makes Accordia the largest IPO on SGX year-to-date. The trust will list with an initial market cap of $1.07b. Its initial portfolio will comprise 89 golf courses located across Japan valued at ~$1.85b. ~86.4% of the initial golf courses are located in Greater Tokyo, Greater Nagoya and Greater Osaka regions. Commencement of listing at 2pm on Friday, 1 Aug.