ARA suspends Dynasty Reit's IPO due to market conditions
ARA Asset Management has pulled the plug on the intial public offering of Dynasty Real Estate Investment Trust, owing to a worsening in overall market conditions.
In a statement, ARA said it had suspended the IPO - which would have been Singapore's first yuan-denominated Reit - until further notice.
It explained that since the registration of Dynasty Reit's prospectus with the Monetary Authority of Singapore, there had been a marked change in investor sentiment as reflected by the recent performance of several IPOs and a gradual worsening of the overall market conditions.
"In general, this weakness has been driven by lacklustre earnings results by large global corporations in the US and Europe."