I have updated the details of Croesus Retail Trust on my excel sheet with a currency exchange rate of 1:85. I know currently is 1:82 so this is a conservative estimate.
Yield is at a high of 9.42% which is the highest in the REIT sector. However, its price-to-book ratio has been dropping because of its QE plans. With more Yen moving around, the value is not as high as before. Its gearing is also at a high of 47.5% which gives them some instability. Its yield can also be impacted because they collect in Yen.
Similar to LMIR, this is currently a SGD/JPY play. The good thing is that their debts are also in Yen so gearing is not impacted. Moreover, they are 100% freehold which helps to preserve the value of the land. However, with its QE programme still in place, I am expecting Japanese Yen to drop further and that will affect its yield and to a larger extent Price-to-book ratio. If I enter, it will be purely based on its high yield only. I am still considering.