OUE's $355 mln Singapore REIT IPO to be launched next week-IFR
SINGAPORE Jan 7 (Reuters) - Singapore-listed property firm Overseas Union Enterprise will begin book-building for a commercial real estate investment trust listing in the city-state on Jan. 13 that may raise as much as $355 million, the Thomson Reuters publication IFR reported on Tuesday.
This will be the first major Singapore IPO of 2014, which could be followed by the South Korea's Lotte Shopping Co Ltd's $1 billion REIT after the Chinese New Year holiday.
The OUE Commercial REIT is targeting a market capitalisation of S$700 million-S$800 million ($631 million)and sponsor OUE plans to retain a stake of around 40 percent.
At present, its listed peers trade at an average yield of 6.5 percent.
The OUE Commercial REIT will feature office building OUE Bayfront in Singapore and the Lippo Plaza Property in Shanghai.
CIMB, Oversea-Chinese Banking Corp and Standard Chartered are the joint global co-ordinators on the IPO, as well as joint bookrunners with Citigroup, JPMorgan and RHB.
($1 = 1.2680 Singapore dollars) (Reporting by S. Anuradha; Additional reporting by Saeed Azhar; Editing by Matt Driskill)
- Scores rescued from sinking South Korean ferry, two dead: officials
- Ukraine launches 'gradual' operation, action limited |
- Casual pot use causes brain abnormalities in the young: study
- China economic growth slows to 18-month low in first-quarter |
- Americans increasingly prefer Democrats on healthcare: Reuters/Ipsos poll