SINGAPORE A Chinese tycoon plans to buy about 60 percent of the initial public offering of IREIT Global, a Singapore property trust that will invest in European properties and is aiming to raise about $300 million, according to its prospectus.
Tong Jinquan, ranked by Forbes as China's 35th richest man, plans to buy 254 million of the 423 million units in the IPO, which is being offered at S$0.88 a unit, said the prospectus filed on Wednesday evening.
Tong also bought more than half of Viva Industrial Trust when it listed in Singapore last year.
Tong is chairman of real estate developer Summit, best known for high-end hotel and shopping center Longemont in Shanghai.
The IREIT IPO will raise a total of S$372 million ($299 million), the prospectus said.
With a portfolio of four properties in Germany, IREIT is expected to have an initial focus on Germany and the
DBS Bank Ltd is sole global coordinator for the deal, and is a joint bookrunner with Barclays
($1 = 1.2423 Singapore Dollars)
(Reporting by Saeed Azhar; Editing by Stephen Coates)