Frasers Centrepoint plans REIT listing in Singapore

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frasersFrasers Centrepoint, a Singapore-based property company controlled by Thai billionaire Charoen Sirivadhanabhakdi, said on May 12 that it will seek approval from its shareholders later this month for an initial public offering (IPO) of some of its residences and hotel interests, in the first trust listing in the city-state in five months, the Wall Street Journal reported.

Frasers Centrepoint, which is already listed on the Singapore Exchange, said that it will ask shareholders at an extraordinary general meeting on May 28 for approval to carve out its local and overseas serviced apartments and hotels as Frasers Hospitality Trust.

The statement from the company, however, didn’t detail how much it intends to raise from the offering or the timing of the IPO. The listing will be in the form of a real-estate investment trust, or REIT, that will initially hold six serviced residences and six hotel properties located in Singapore, Australia, the UK Japan and Malaysia.

People with knowledge of the deal have said earlier that the REIT IPO could raise as much as $500 million and that Charoen’s company may aim for a listing either late in the second quarter or early in the third quarter.

This would be the first REIT listing in Singapore since January, when property developer OUE Commercial REIT raised nearly $300 million in an IPO of its shopping mall and office properties.

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Reading Time: 1 minute

Frasers Centrepoint, a Singapore-based property company controlled by Thai billionaire Charoen Sirivadhanabhakdi, said on May 12 that it will seek approval from its shareholders later this month for an initial public offering (IPO) of some of its residences and hotel interests, in the first trust listing in the city-state in five months, the Wall Street Journal reported.

Reading Time: 1 minute

frasersFrasers Centrepoint, a Singapore-based property company controlled by Thai billionaire Charoen Sirivadhanabhakdi, said on May 12 that it will seek approval from its shareholders later this month for an initial public offering (IPO) of some of its residences and hotel interests, in the first trust listing in the city-state in five months, the Wall Street Journal reported.

Frasers Centrepoint, which is already listed on the Singapore Exchange, said that it will ask shareholders at an extraordinary general meeting on May 28 for approval to carve out its local and overseas serviced apartments and hotels as Frasers Hospitality Trust.

The statement from the company, however, didn’t detail how much it intends to raise from the offering or the timing of the IPO. The listing will be in the form of a real-estate investment trust, or REIT, that will initially hold six serviced residences and six hotel properties located in Singapore, Australia, the UK Japan and Malaysia.

People with knowledge of the deal have said earlier that the REIT IPO could raise as much as $500 million and that Charoen’s company may aim for a listing either late in the second quarter or early in the third quarter.

This would be the first REIT listing in Singapore since January, when property developer OUE Commercial REIT raised nearly $300 million in an IPO of its shopping mall and office properties.

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