November 14, 2012 / 2:03 PM / in 5 years

Japan's Croesus delays Singapore share listing-IFR

HONG KONG, Nov 14 (Reuters) - Croesus Retail Trust (CRT), which focuses on retail real estate in Japan, postponed a Singapore initial public offering of about S$800 million ($654 million) because of weak markets, IFR reported on Wednesday, citing sources close to the deal.

The trust, which is part-owned by Marubeni Corp. and Daiwa House Industry Co. Ltd., decided to delay the deal until early 2013 after meeting potential investors the past two weeks, added IFR, a Thomson Reuters publication.

The IPO was marketed to investors at an indicative yield in the high 7 percent range for fiscal year 2013 and in the low 8 percent range for fiscal 2014, a source with knowledge of the deal said previously.

Citigroup and DBS Group Holdings were joint global coordinators of the IPO, with Standard Chartered also acting as a bookrunner.

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