Jeremy Yong

Croesus Retail Trust co-founder speaks up about going private

SINGAPORE (Jan 12): Last September, Croesus Retail Trust (CRT) was taken private by Blackstone Group at a higher price than it ever garnered in the public market.

The trust had traded below its net asset value (NAV) for most of the 4½ years it was listed.

“I was obsessed with closing the valuation gap,” says Jeremy Yong, who was managing director of CRT’s trustee-manager and co-founded the trust.

“We needed to make sure we were trading at fair value so that our acquisition currency was strong enough to acquire new assets,” he adds.

Know the risks before jumping into REITs

SINGAPORE (July 8): Analysts and investors are rediscovering real estate investment trusts (REITs) in the wake of rising uncertainty about global growth, especially after UK's surprise decision to break away from the European Union.

Since June 23, the day of the referendum, the FTSE ST REIT Index has risen 5% compared with a 2.7% gain by the Straits Times Index. The REIT index has gained 8% since the start of the year, compared with a marginal loss by the STI.  

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