SINGAPORE (July 3): There was little to suggest that Croesus Retail Trust would leave any significant mark on the local real estate investment trust sector when it listed in 2013. For starters, it is not even a REIT. It is a business trust that simply chose to behave like a REIT – notably by paying out all of its distributable income. CRT was also not backed by a major property development group with a pipeline of assets for it to acquire and grow. Also, all its properties were in Japan, making them unfamiliar to many investors in Singapore.

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