German REIT plans $300m IPO in Singapore

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Sg wheelI REIT Global Management, backed by office buildings in Germany, is preparing an initial public offering in Singapore that may raise about $300 million, according to a Bloomberg report.

The property trust has received listing approval from the Singapore exchange and is testing investor demand for the sale, people with knowledge of the matter said, asking not to be named as the process is private. Shanghai Summit Property Development, led by Chinese real-estate tycoon Tong Jinquan, may buy more than half of the IPO, they said. Calls to Shanghai Summit’s main office went unanswered.

REITs and business trusts were the biggest fundraisers in Singapore’s IPO market in the past year, according to data compiled by Bloomberg. The FTSE Straits Times Real Estate Investment Trust Index, comprising 32 trusts, has risen 6.6 percent this year while the benchmark Straits Times Index has advanced 3.6 percent.

Frasers Hospitality Trust plans to offer a dividend yield of 7 per cent for the 2015 financial year when it starts selling units in its IPO next week. OUE Commercial Real Estate Investment Trust raised $274 million from a Singapore IPO in January, data compiled by Bloomberg show.

Tong bought more than half the stock in Viva Industrial Trust’s $294 million offering in October. He also invested in Perennial China Retail Trust’s Singapore IPO in 2011, and sold his stake almost a year later for an undisclosed price. Viva Industrial is up 1.9 per cent from its offer price.

DBS Group Holdings and Barclays Plc are managing the offer, the people said. Elaine Lim, a Singapore-based spokeswoman for the trust who works for Citigate Dewe Rogerson, declined to comment.

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Reading Time: 2 minutes

I REIT Global Management, backed by office buildings in Germany, is preparing an initial public offering in Singapore that may raise about $300 million, according to a Bloomberg report.

Reading Time: 2 minutes

Sg wheelI REIT Global Management, backed by office buildings in Germany, is preparing an initial public offering in Singapore that may raise about $300 million, according to a Bloomberg report.

The property trust has received listing approval from the Singapore exchange and is testing investor demand for the sale, people with knowledge of the matter said, asking not to be named as the process is private. Shanghai Summit Property Development, led by Chinese real-estate tycoon Tong Jinquan, may buy more than half of the IPO, they said. Calls to Shanghai Summit’s main office went unanswered.

REITs and business trusts were the biggest fundraisers in Singapore’s IPO market in the past year, according to data compiled by Bloomberg. The FTSE Straits Times Real Estate Investment Trust Index, comprising 32 trusts, has risen 6.6 percent this year while the benchmark Straits Times Index has advanced 3.6 percent.

Frasers Hospitality Trust plans to offer a dividend yield of 7 per cent for the 2015 financial year when it starts selling units in its IPO next week. OUE Commercial Real Estate Investment Trust raised $274 million from a Singapore IPO in January, data compiled by Bloomberg show.

Tong bought more than half the stock in Viva Industrial Trust’s $294 million offering in October. He also invested in Perennial China Retail Trust’s Singapore IPO in 2011, and sold his stake almost a year later for an undisclosed price. Viva Industrial is up 1.9 per cent from its offer price.

DBS Group Holdings and Barclays Plc are managing the offer, the people said. Elaine Lim, a Singapore-based spokeswoman for the trust who works for Citigate Dewe Rogerson, declined to comment.

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