Singapore Exchange (SGX) today welcomed Prime US REIT to its Mainboard under the stock code “OXMU”.Prime US REIT has an initial portfolio of 11 Class A and freehold office properties strategically located across 9 office markets in the U.S.; namely San Francisco Bay Area, Salt Lake City, Denver, St Louis, Dallas, San Antonio, Philadelphia, Washington D.C. and Atlanta.Barbara Cambon, Chief Executive Officer and Chief Investment Officer of KBS US Prime Property Management Pte. Ltd., the Manager of Prime US REIT, said, “The successful IPO of Prime US REIT is a testament to the market’s confidence in our stable and resilient IPO portfolio that provides a unique geographically-diversified exposure to the growing U.S. commercial real estate sector, as well as a strong potential for acquisition growth beyond the IPO Portfolio through leveraging the established KBS platform.”
Mohamed Nasser Ismail, Head of Equity Capital Markets, SGX, said, “As Asia’s global REITs hub, we are delighted to welcome Prime US REIT to our growing family of REITs with international assets. This is our third pure-play US REIT listing this year, bringing the total number of US-focused REITs to five, which demonstrates rising investor interest in US real estate. The three US REIT IPOs on SGX this year have raised close to US$1.7 billion – making them the top three IPOs in ASEAN year-to-date by funds raised – with Prime US REIT raising the highest at US$612 million.”
The listing of Prime US REIT brings the total number of SGX-listed REITs and property trusts to 45, with a combined market capitalisation of about S$110 billion. Together with real estate companies, the overall SGX real estate cluster has a combined market capitalisation of over S$190 billion.
Prime US REIT opened at US$0.865 today.
