S’pore property developer eyes $1.36b IPO

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The new Mapletree REIT will invest in Festival Walk in Hong Kong

Singaporean property developer Mapletree Investments, the real-estate arm of the state’s investment company Temasek Holdings, plans to raise up to $1.36 billion by listing a China-focused real-estate investment trust (REIT) in Singapore.

The listing would be the largest initial public offering (IPO) in Singapore in two years and also Singapore’s biggest-ever REIT offering.

The REIT, named Mapletree Greater China Commercial Trust, is scheduled to list on the Singapore Stock Exchange on March 7, 2013.

According to the IPO prospectus, the trust offers 776.6 million units in its IPO to institutional investors and to the public in Singapore. Each unit would be priced between 88 and 93 cents per unit. The trust will also sell an additional 953.5 million units to cornerstone investors, which include Norges Bank Investment Management, AIA, CBRE, Henderson and Morgan Stanley Investment Management.

The REIT will use proceeds from the IPO to buy two properties from Mapletree Investments: The Festival Walk retail and office development in Hong Kong and the Gateway Plaza office building in Beijing.

Mapletree Greater China Commercial Trust is set to be Mapletree Investments’ fourth REIT. It is also Singapore’s first major IPO in a while after planned listings of motor sport marketer Formula One Group and a unit of India’s Reliance Communications were shelved in 2012.

 

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Reading Time: 1 minute

The new Mapletree REIT will invest in Festival Walk in Hong Kong

Singaporean property developer Mapletree Investments, the real-estate arm of the state’s investment company Temasek Holdings, plans to raise up to $1.36 billion by listing a China-focused real-estate investment trust (REIT) in Singapore.

Reading Time: 1 minute

The new Mapletree REIT will invest in Festival Walk in Hong Kong

Singaporean property developer Mapletree Investments, the real-estate arm of the state’s investment company Temasek Holdings, plans to raise up to $1.36 billion by listing a China-focused real-estate investment trust (REIT) in Singapore.

The listing would be the largest initial public offering (IPO) in Singapore in two years and also Singapore’s biggest-ever REIT offering.

The REIT, named Mapletree Greater China Commercial Trust, is scheduled to list on the Singapore Stock Exchange on March 7, 2013.

According to the IPO prospectus, the trust offers 776.6 million units in its IPO to institutional investors and to the public in Singapore. Each unit would be priced between 88 and 93 cents per unit. The trust will also sell an additional 953.5 million units to cornerstone investors, which include Norges Bank Investment Management, AIA, CBRE, Henderson and Morgan Stanley Investment Management.

The REIT will use proceeds from the IPO to buy two properties from Mapletree Investments: The Festival Walk retail and office development in Hong Kong and the Gateway Plaza office building in Beijing.

Mapletree Greater China Commercial Trust is set to be Mapletree Investments’ fourth REIT. It is also Singapore’s first major IPO in a while after planned listings of motor sport marketer Formula One Group and a unit of India’s Reliance Communications were shelved in 2012.

 

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