A new business trust is set to list in Singapore and it owns golf courses in Japan. The IPO is expected to price the units between 97c to $1.00 each and distribution yield is going to be between 6.8% to 7%. I have not looked at the prospectus but I tried to understand how the manager is compensated. It is frankly quite complicated to me. It isn't as straightforward as a trust involving real estate. See if you understand it: Golf Course Management Agreement (page 3). I also looked at some published figures and I am not sure that the assets are doing very well:

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I would draw attention to "net income per share" and "dividend per share". Interesting, isn't it? See: financial highlights. Could Accordia Golf Trust see a meteoric rise in unit price like Croesus Retail Trust did during its IPO? Your guess is ......