SINGAPORE, July 10 Singapore-listed Overseas
Union Enterprise will raise about $480 million by
listing a hospitality real estate investment in Singapore,
according to a prospectus for the deal.
OUE Hospitality Trust will sell about 682 million units at
an offer price of between S$0.88 and S$0.90 a unit to investors.
The company's parent OUE will buy the remaining 626.8 million
units, or about half the listed entity.
Cornerstone investors that include Credit Suisse
and hedge fund manager Splendid Asia Macro Fund have agreed to
buy 247.22 million units, according to the prospectus.
The initial portfolio for the trust is hotel Mandarin
Orchard Singapore and shopping mall Mandarin Gallery.
OUE, which owns commercial properties and hotels, revived an
earlier plan for the REIT after it lost a battle for drinks and
real estate group Fraser and Neave Ltd to Thai
billionaire Charoen Sirivadhanabhakdi this year.
Credit Suisse, Goldman Sachs and Standard Chartered
are joint global coordinators and issue managers.
($1 = 1.2805 Singapore dollars)
(Reporting by Saeed Azhar; editing by Miral Fahmy)