Croesus Retail Trust's seventh property in Japan, One's Mall in Chiba Prefecture.Croesus Retail Trust's seventh property in Japan, One's Mall in Chiba Prefecture.

Japan-focused retail business trust Croesus Retail Trust (CRT) (SGX:S6NU) announced on 5 September that it has received in-principle approval from the Singapore Exchange to list 78.9 million new units at a price of SGD0.915 per unit.

The units, which will be listed at a 9% discount to CRT’s current price of SGD1.00, will be offered to mostly institutional investors as part of the trust’s private placement exercise to mainly raise funds for the acquisition of a shopping mall in Chiba, Japan.

REITsWeek reported on 2 September that CRT will be acquiring a shopping centre located in Chiba Prefecture, One Mall, for JPY11 billion (SGD132.5 million). Once completed, the acquisition would enlarge CRT’s portfolio to seven properties and its total NLA by approximately 26.7% from 198,168 sqm to 251,013 sqm.

CRT currently has 432.89 million units listed on the Singapore Exchange. The private placement will dilute current holdings by about 18%.

Croesus Retail Trust's seventh property in Japan, One Mall in Chiba Prefecture.
Croesus Retail Trust's seventh property in Japan, One Mall in Chiba Prefecture.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.