CapitaLand Investment lists China’s first international-sponsored retail C-REIT

CLCR opened at $1.23 per unit, 19.6% above its IPO price.

CapitaLand Investment Limited (CLI) has listed CapitaLand Commercial C-REIT (CLCR) on the Shanghai Stock Exchange, China’s first international-sponsored retail C-REIT.

CLCR began trading under the stock code 508091 at $1.23(RMB6.84) per unit, 19.6% above its initial public offering (IPO) price of RMB5.718 per unit.

The IPO raised $409m (RMB2.29b) through the issuance of 400 million units, exceeding initial estimates of $382m (RMB2.14b) by 7%.

Based on the IPO price, CLCR’s forecast distribution yield is 4.40% for FY 2025 and 4.53% for FY 2026.

The listing strengthens CLI’s position as the largest REIT manager in Asia Pacific and expands its REIT platform into China.

CLI now has stakes in eight listed funds across Singapore, China, Malaysia, and Japan, with a combined market capitalisation of $42b.

Separately, CLI closed the first sub-fund under its CLI RMB Master Fund, China Business Park RMB Fund IV, with an equity commitment of $95m (RMB529m).

The Master Fund has $921m (RMB5b) in total equity and targets income-producing assets. A second sub-fund focused on retail assets is planned for Q4 2025, targeting $162m (RMB900m).