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Accordia Golf Trust to raise $612 mln via Singapore stock market listing
July 24, 2014 / 3:55 PM / 3 years ago

Accordia Golf Trust to raise $612 mln via Singapore stock market listing

July 24 (Reuters) - Accordia Golf Trust, backed by golf courses in Japan, will raise about S$758.54 million ($612 million) in a stock market listing in Singapore after pricing the sale at S$0.97 a unit, the lower end of an earlier indicative price range, according to its prospectus filed on Thursday.

The share sale is being sponsored by Japan’s Accordia Golf Co Ltd which wants list its golf course assets in Singapore using the business trust model. Accordia plans to sell about 782 million shares in the listing which is due to take place on August 1.

Accordia is the first business trust in Asia backed by golf courses. The indicative price range for the stock market listing had been set between S$0.97 and S$1 a unit.

The final price implies a 2015 yield of 7 percent for the trust.

Daiwa Capital Markets and Citigroup are handling the deal.

$1 = 1.2401 Singapore Dollars Reporting By Aradhana Aravindan and S. Anuradha of IFR in SINGAPORE

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