Recently the CapitaMall Trust has been listed, the first real estate investment trust on the Singapore Stock Exchange. The trust has been launched by CapitaLand, ING Real Estateâ€™s Joint Venture partner in Singapore, and comprises three of Singaporeâ€™s most popular suburban shopping centres. Offering an income return of over 7% the IPO was five times over subscribed.
Prior to the public offering CapitaLand secured the commitment of four corner stone investors in the Trust. Based on the attractive fundamentals of the underlying properties owned by the Trust, the importance of the new REIT market in Singapore and our long-term relationship with CapitaLand ING Real Estate has invested in 37 million units (5%) in the trust as a so-called corner stone investor.
This investment further demonstrates ING Real Estateâ€™s commitment to the relationship with CapitaLand, which started in 1998 with the launch of the IP Property Fund Asia, as we hope to expand this relationship to Europe, the United States and other parts of the Asia Region.
The other corner stone investors are Dutch Pension Fund PGGM, Australian Fund Manager BT Funds Management, and the National Trade Union Congress of Singapore.