Singapore’s property trust initial public offerings have surged to a six-year high since this year, Bloomberg has reported.

Among the island country’s recent money-raising spree, Lendlease Global Commercial REIT began taking investor orders on Tuesday for an initial public offering that could raise up to S$740 million in what would be Singapore’s third-largest IPO this year.

The largest REIT IPO in Singapore this year was the $612 million listing by Prime US REIT, followed by Eagle Hospitality Trust’s $451 million offering.

So far this year, REITs have raised $1.63 billion in Singapore IPOs, the highest since 2013 when first-time share sales by the sector fetched $2.18 billion, according to data compiled by Bloomberg.
REITs also account for the bulk of all IPOs that have taken place in Singapore in 2019, representing 97% of all fundraising, the data show.

Trusts have been taking advantage of high stock prices to conduct IPOs and additional share sales, while investors are shopping for yield in a low-interest rate environment.

The FTSE Straits Times Real Estate Investment Trust Index has risen 17.9% this year and is trading close to a one-year high, making it a good time to sell equity, the Bloomberg says.