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GC Asia
Daiwa House Reit IPO crumbles as Reit market resumes its slide
The IPO of Daiwa House Real Estate Investment Trust has been cancelled due to poor market conditions and a slumping J-Reit market, despite three powerful leads in the form of Morgan Stanley, Nikko Citigroup and Nomura.
But a follow-on offer for listed J-Reit Industrial & Infrastructure Fund Investment Corp (IIF) is on track to raise new money through Nikko Citi, Nomura and UBS.The Daiwa House deal was called off on Tuesday. If it had gone ahead it would have been the first J-Reit IPO
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