SINGAPORE, July 17 Media group Singapore Press
Holdings Ltd said it will raise S$504 million ($400
million) in a REIT offering after pricing the IPO at the top end
of an indicative range of 85 to 90 Singapore cents per unit.
Called SPH REIT, the trust's assets will include the luxury
Paragon mall in the prime shopping district of Orchard Road and
the suburban Clementi Mall.
"As a result of indications of interest received from
institutional investors during the bookbuilding process,
amounting to approximately 42 times the number of units offered
under the placement tranche, the units have been priced at the
top end of the offering price range at S$0.90 per unit," SPH
said in a statement on Wednesday.
Singapore has seen strong demand for REITs and business
trusts as investors search for higher yields.
The retail tranche for the IPO opens on Wednesday and the
listing will be on July 24.
Credit Suisse, DBS and Oversea-Chinese Banking Corp are
joint bookrunners for SPH REIT, while CIMB and Nomura are
($1 = 1.2596 Singapore dollars)
(Reporting by Anshuman Daga)