Its placement tranche was also 3.2 times subscribed by institutional investors and high-net worth individuals.Some 99 per cent of its gross rental income stems from leases with the UK government, primarily DWP which is the largest public service department.in its preliminary prospectus the Reit’s portfolio provides"stable, recession-proof and Brexit-proof cash flows".
The Reit has assets under management of about £320 million and seeks to grow its portfolio over time through the potential development of undeveloped land in its portfolio, including a possible doubling in size of its Peel Park asset in Blackpool. The Reit manager is 85 per cent held by Elite Partners Holdings , and 15 per cent by Sunway RE Capital.
Its sponsors - Singapore's Elite Partners Holdings, property and construction firm Ho Lee Group and a wholly-owned unit of Malaysian conglomerate Sunway Group - own about 20 per cent in the Reit vehicle post-IPO. Prior to the IPO, Elite Commercial Reit had 139.7 million units in issue. It now has 332.2 million units in issue after the IPO.
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