CapitaLand Commercial C-REIT (CLCR) has set a new benchmark in the retail C-REIT sector in China with its initial public offering (IPO), achieving a staggering 254.5 times subscription from offline institutional investors. The IPO, which also garnered significant retail interest, closed ahead of schedule with a 535.2 times subscription rate for the public tranche.
Issuing 400 million units at RMB5.718 each, CLCR raised RMB2.29b (S$409m), surpassing its initial target of RMB2.14b (S$382m) by 7%.
CapitaLand Investment (CLI), CapitaLand China Trust (CLCT), and CapitaLand Development (CLD) will collectively hold 20% of the IPO units. Cornerstone investors secured 40.11%, whilst offline institutional investors were allocated 27.92% in the bookbuilding tranche. The remaining 11.97% was subscribed by retail and institutional investors.
Scheduled to begin trading on the Shanghai Stock Exchange by the end of September 2025 under the ticker code 508091, CLCR will be China’s first international-sponsored retail C-REIT. This listing is part of CLI’s strategy to enhance its balance sheet and expand its REIT management platform into China, reinforcing its position as Asia Pacific’s largest REIT manager by market capitalisation.
CLCR’s initial portfolio includes CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha, valued at approximately RMB2.6b. These assets, located in prime areas, boast a 96% occupancy rate as of 31 March 2025. CLI will continue to manage these properties, leveraging its operational expertise to maximise value for investors.
