SINGAPORE (July 19): Religare is recommending investors “do not participate” in the upcoming Singapore initial public offering (IPO) for EC World REIT, citing a number of downside risks.

EC World will be the third REIT to be floated in Singapore this year. The trust hopes to raise up to $450 million with its initial portfolio of six e-commerce and logistics properties located in Hangzhou, China.

(See EC World seeks up to US$260 mil in Singapore REIT listing)

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