It is not a small exposure, but a 100% exposure.
We cannot take reit pricing in the stock market as a 100% accurate indicator how the situation property market is.
Reit price in stock market is directly affected by short term demand and supply in the market.
We can also say, there are a handful of cornerstone investors like insurance fund, pension fund that willing to take up large chunck of the IPO at higher instituitional, some can interpret they have confidence as well.
So we cannot conclude anything from it.
As reit portfolio is only a few properties, some properties may have lower valuation, lower yield than the other due to location wise, and specific issue.
Sunreit price lower than its IPO mainly because the yield is not attractive and lower than average reit out there. So does CMMT.Aka the valuation of the reit on IPO is on fully value basic. It doesn't offer discount/bargain to investors, while other existing reit does.
IPO was 0.88¢ now it is still around there, it dipped below only for few hours i think.