New retail business trust with malls in Japan wants to list in Singapore

AN ASIA-PACIFIC retail business trust launched its initial public offer (IPO) on Thursday with the aim of raising net proceeds of about $370.6 million.

Croesus Retail Trust (CRT) is offering about 229 million units at 93 cents per unit with around 21.5 million units available for public subscription.

CRT's portfolio comprises of four malls in the Japanese cities of Moriya, Suzuka and Osaka.

Croesus Merchants group managing director Jeremy Yong told a briefing on Thursday that he forecasts a distribution yield of 8 per cent for the 12 months to June 30 next year and 8.1 per cent the following year.