A leopard refuses to change its spots. Aims AMP Capital Industrial REIT was formerly MacArthurCook REIT. It was listed at SGD 1 dollar and bleed slowly to 21 cents currently.

Those that have held on would have lost quite a fair bit. MacArthurCook sold to Aims and new investors thought that this will herald a change for the better, that they will right the wrongs of MacArthurCook.

This week they raised a private placement of $43 mil to fund the acquisition of a property located at 29 Woodlands Road.

Net property income would jack-up from 7.2% to 7.6%. Gearing inches up slowly to 33.6%

So why am I disappointed?

The private placement will increase the number of units by 15%. Or put it another way, small shareholders like us will get a smaller share of this dividend.

The projected NPI increase due to the property is 14% ...