Another Industrial REIT IPO, this time from United Engineers. Not an inducement to buy. Just notes I picked up from the prospectus here.

• Offering at 78 cents
• Looks 40% Debt to Assets. Since this REIT is rated BB+ by S&P it can theoretically levered up to 60%
• Finance cost of 3.5% per annum for FY 2014, 2015
• Highest portion of business parks (77% of asset value). They believe that business parks carry a premium in rent over other industrial assets. But I believe they are saying this because they have majority of business parks so they are sugarcoating their assets
• They will distribute 8.8% in FY 2014 and 9% in FY 2015. But excluding the effects of UE Bizhub East rental arrangement and TPCC rental support, the respective yield is only 6.1% and 6.7%
• Land Lease of 45 years, more than Aims Amp less than Soilbuild ...