Japan-focused Croesus plans up to $800m Singapore IPO-source

Croesus Retail Trust which focuses on retail real estate in Japan, has started pre-marketing a Singapore initial public offering of about $800 million, a source with direct knowledge of the plans said on Wednesday.

The trust, which is part-owned by Marubeni Corp. and Daiwa House Industry Co., is pitching the deal 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, added the source, who was not authorised to speak publicly on the matter.

Citigroup and DBS Group Holdings are managing the deal.