SINGAPORE Jan 10 Singapore property firm
Overseas Union Enterprise is looking to raise at least
S$346 million ($272 million) through the listing of a commercial
real estate investment trust in the city-state's first major IPO
this year, two sources said.
OUE Commercial Reit is selling 433 million units at S$0.80 a
unit offering a yield of 6.8 percent, the sources with direct
knowledge of the deal told Reuters.
There is a greenshoe option of another 41.6 million units,
which if exercised, could raise the deal size to about $299
Cornerstones will be offered 225 million units or more than
half of the deal, one of the sources said.
This will be the first major Singapore IPO of 2014, which
could be followed by South Korea's Lotte Shopping Co Ltd's
$1 billion REIT after the Lunar New Year holiday.
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 Saeed Azhar and S.Anuradha; Editing by Jacqueline