CRT is offering 229.118m Units at $0.93 per unit for an IPO on the Singapore Exchange. The prospectus is here.

It is the first retail business trust with properties in Japan to be listed in Singapore. The IPO will close on 8 May 2013 12pm and be listed on 10 May 2013 at 2pm. 207.613m will be for placement and 21.505m for the public.

Business Trusts Versus REITs

CRT is offered under the business trust structure. While previously i have been cautious on business trust structures, i think my perception has since “improve slightly” as there is no reason for Sponsors not to stick to what they have “promised” unless something detrimental happens. In other words, the Sponsors should continue to pay 90% or 100% of the cashflows back to unit holders even though it is not mandated by laws here.

However, having said …