Singapore Press prices REIT at top end, to raise S$504 mln
SINGAPORE, July 17
SINGAPORE, July 17 (Reuters) - Media group Singapore Press Holdings Ltd said it will raise S$504 million ($400 million) in a REIT offering after pricing the IPO at the top end of an indicative range of 85 to 90 Singapore cents per unit.
Called SPH REIT, the trust's assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
"As a result of indications of interest received from institutional investors during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche, the units have been priced at the top end of the offering price range at S$0.90 per unit," SPH said in a statement on Wednesday.
Singapore has seen strong demand for REITs and business trusts as investors search for higher yields.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers. ($1 = 1.2596 Singapore dollars) (Reporting by Anshuman Daga)