Soilbuild Business Space REIT plans S$452-S$469 mln IPO

SINGAPORE, July 30 Tue Jul 30, 2013 5:45am EDT

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SINGAPORE, July 30 (Reuters) - Soilbuild Business Space REIT, which owns seven business and industrial properties in Singapore, plans to raise as much as S$469 million ($370.27 million) in an initial public offering, it said in a prospectus on Tuesday.

Sponsored by property developer Soilbuild Group Holdings Ltd , the REIT is offering 586.5 million units at a price range of S$0.77-S$0.80 per unit, which translates to forecast dividend yields of 7.3-7.6 percent for 2013 and 7.5-7.8 percent for 2014.

Bookbuilding will be conducted from July 31 to Aug. 6 with the listing targeted for Aug. 16, according to IFR, a Thomson Reuters publication.

The IPO has an institutional tranche of 499 million units and a public portion of 87.5 million units. There is an overallotment option of 56.3 million units, or 9.6 percent of the total offer. There is no cornerstone tranche.

Citigroup, DBS and OCBC are the joint global co-ordinators. Religare Capital and United Overseas Bank are co-managers.

($1 = 1.2667 Singapore dollars) (Reporting by S. Anuradha and Rujun Shen; Editing by Matt Driskill)

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