United Hampshire US REIT saw a lacklustre debut on the Singapore Exchange (SGX) on 12 March amid a broader market sell-off.

The REIT, which is the first US-focused retail and storage spaces REIT in Asia, opened for trading at USD0.72, down 10% from its initial public offering (IPO) price.

United Hampshire US REIT announced its IPO plans in February 2020, seeking to raise some USD394.6 million.

Related: United Hampshire US REIT to list on SGX with 22 self-storage, grocery properties

Its Singapore public offer saw a subscription rate of 1.4 times for 7.5 million units.

Meanwhile, the REIT’s international placement of 80.3 million units was 3.4 times subscribed.