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Overseas Union Enterprise Ltd Tests Appetite for $638 Million REIT IPO-DJ

Monday, 10 Jun 2013 04:00am EDT 

Dow Jones reported that Overseas Union Enterprise Ltd has started testing investor appetite for an initial public offering of a Real-Estate Investment Trust (REIT) that is expected to raise as much as SGD800 million ($638 million), people with knowledge of the deal said. The Singapore-based company, controlled by Indonesia's Riady family, plans to sell about half of the REIT to cornerstone investors before listing in the first half of July, the people said. It plans to retain a stake of around 30% and to offer a yield of more than 6%, they said. Cornerstone investors commit to holding a stake for a set time period, demonstrating their confidence in the shares. 

Company Quote

0.03 +1.45%
9:39pm EDT