* IPO delayed by about two weeks due to Japan earthquake
* Mapletree Commercial's assets include S'pore's largest
(Adds background, details)
By Saeed Azhar and Charmian Kok
SINGAPORE, April 5 Mapletree Investments, a
property firm owned by Singapore state investor Temasek
, is poised to launch the S$1 billion ($794 million) IPO
of its commercial property trust after a two-week delay due to
the Japanese earthquake, sources said.
"Mapletree Commercial Trust's prospectus is going to be
lodged tomorrow," one of the sources told Reuters on Tuesday.
The sources declined to be named because the news had not yet
been made public.
The launch of Mapletree Commercial's initial public offering
comes amid a recovery in global stock markets, which fell
sharply as investor confidence slumped in the aftermath of the
massive earthquake and tsunami that hit Japan on March 11.
Mapletree Commercial, which is a real estate investment
trust, will draw its initial portfolio from Mapletree
Investments' S$6.4 billion worth of Singapore commercial
properties. The REIT's key asset is Vivocity, Singapore's
largest shopping mall.
The trust previously set an indicative yield of 5.2 to 5.8
percent for its initial public offering, IFR reported in March.
Citigroup , DBS and Goldman Sachs are
the global co-ordinators and joint bookrunners with CIMB
and Deutsche Bank (DBKGn.DE).
Mapletree Commercial was poised to launch its IPO on or
around March 18 but decided to call it off after Hong Kong
billionaire Li Ka-Shing Hutchison Port Holdings Trust
made a weak debut in Singapore. [ID:nSGC003936]
Mapletree Investments owns or manages over S$13 billion
($9.4 billion) worth of real estate assets in Singapore and
Its listed property trusts include Mapletree Industrial
, which owns factories in Singapore, Lippo-Mapletree
, whose main assets are Indonesian malls, and Mapletree
Logistics Trust , which has warehouses and other
logistics properties across Asia.
($1 = 1.260 Singapore
(Editing by Kevin Lim)