SINGAPORE (July 10): Eagle Hospitality Trust formed a series of subsidiaries to hold its 18 properties which are referred to as master lessors. Its sponsor Urban Commons also formed 18 subsidiary companies some of which are Cayman registered to act as master lessees.

The 20 year master leases for the 18 properties in EHT’s portfolio helped to boost and bloat its IPO valuation, to the detriment of its investors.  

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