SINGAPORE (Jan 13): A second real estate investment trust has started a cornerstone roadshow this year. United Hampshire US REIT is looking to lodge its prospectus on Feb 12, register on Feb 24, and list on Singapore Exchange at a yield of 6.5% to 7% on March 6.
United Hampshire US REIT is a US grocery-led shopping and storage REIT with 18 retail assets and four self-storage assets with 3 million sq ft of net lettable area. The portfolio is located largely in the states of New Jersey, New York, North Carolina, Florida and Massachusetts.
Valuation of the initial portfolio is around US$582 million ($785 million) and the initial gearing is likely to be 37.1%, funded mainly by long term debt. The effective tax rate is around 3.5%.