JobsceElite Commercial REIT's Jobscentre Plus at High Road, Ilford. (Image: Elite Commercial REIT)ntre Plus at High Road, Ilford

The manager of Elite Commercial REIT has priced its initial public offering (IPO) at GBP0.68 per unit.

The IPO consists of an international placement tranche of 108,951,900 units to investors outside the US, and an offering of 5,734,300 units to the public in Singapore.

Investors subscribing for units under the Singapore public offer will pay the SGD equivalent of about SGD1.21 per unit.

OCBC Limited and UBS AG, Singapore Branch are the joint issue managers for the IPO.

Elite Commercial REIT will have an initial portfolio of 97 properties across the UK, with an appraised value of GBP319 million.

99% of the properties are on freehold leases, and the portfolio is 100% occupied.

The initial portfolio has a weighted average lease expiry (WALE) of 8.6 years with triple net leases.

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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.