United Hampshire Reit plunges 20% on debut day
Counter ends at US$0.64, down from IPO's US$0.80 but unfazed sponsor says it is in it for the long term
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UNITED Hampshire US Reit may boast about its recession-proof portfolio but its units were certainly not immune to market volatility when they plunged 20 per cent to US$0.64, from their initial public offering (IPO) price of US$0.80, on their first day of trading.
But David Goss, managing director of UOB Global Capital, one of the two owners of the Reit sponsor, does not blame the Reit's bad timing, saying in an interview on Thursday morning: "We are not market timers, but long-term players."
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