As many of you probably know by now, I absolutely love REITs. So I was terribly excited when I heard that the first mainboard IPO of the Year of the Rat was going to be a REIT IPO – Elite Commercial REIT initial public offer (IPO).

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The preliminary prospectus was just lodged on MAS Opera (link here), so the final details are not out yet, but I just wanted to share some quick thoughts on this hot new IPO of Elite Commercial REIT.

Basics: Elite Commercial REIT IPO

Elite Commercial REIT holds a portfolio of 97 commercial buildings (offices) across the UK. The initial portfolio has a valuation of about GBP319 million, which indicates this is going to be a small to mid-cap offering (leaning towards small).

Properties are scattered across the UK, with large concentrations in London and South East, North West, and Scotland. So not exactly big city stuff here.