THE manager of Prime US Reit has set the number of units under the Singapore public offer at about 40.9 million units, above the minimum offer size of 16.76 million units.

KBS US Prime Property Management announced on Tuesday in a regulatory filing that 2,708 valid applications for over 42.3 million units of Prime US Reit were received from the Singapore public at the close of the offer at noon on July 15.

Given the "strong demand" from retail investors, the number of units for the public offer in Singapore has been fixed at about 40.9 million, it said, adding that this is above the minimum offer size of 16.7 million units for Singapore retail investors.

Those who applied for up to 100,000 units got full allotment, according to the statement.

It is the third US office Reit to list here after Manulife US Reit and Keppel-KBS US Reit, at a price unchanged from its initial guidance at US$0.88 per unit, representing a distribution yield of 7.4 per cent in 2019, and 7.6 per cent in 2020.

Prime US Reit has an initial portfolio comprising 11 Class A and freehold office properties with a total appraised value of US$1.2 billion. Its assets are located in nine high-growth office markets across the US - San Francisco Bay Area (Oakland), Salt Lake City, Denver, St Louis, Dallas, San Antonio, Philadelphia, Washington DC (suburban Maryland and Virginia), and Atlanta.

Trading of the units is expected to start on the mainboard at 2pm on July 19.