Elite Commercial REIT joins the SGX Mainboard

It was listed under the stock code MXNU.

Elite Commercial REIT has been listed in the Mainboard of Singapore Exchange (SGX), according to a news release. It is considered to be the first UK-focused Singapore REIT.

The trust was listed under the stock code “MXNU.” It also opened at $1.26 (£0.705).

This brings the total number of SGX-listed REITs and property trusts to 44, with a combined market cap of about $115b. Together with real estate companies, the overall real estate cluster in the bourse has a combined market cap of over $200b.

Elite Commercial REIT has an initial portfolio of 97 commercial buildings located across the UK. Over 99% of the REIT’s gross rental income is derived from leases with the UK government via The Secretary of State for Housing, Communities and Local Government.

In a separate press release, the REIT’s initial public offering (IPO) of 114.69 million units for $1.21 (£0.68) apiece received subscriptions amounting to about $480.16m (£266.8m). It was 3.4 times subscribed.