SINGAPORE, July 10 (Reuters) - Singapore property group Ascendas will spin off its hotel assets via a property trust in a listing worth up to S$823 million ($648 million), according to a draft prospectus filed late on Monday.
Ascendas Hospitality Business Trust, which owns 11 properties in Australia, China, Japan and South Korea, plans to offer between 506.1 million and 529.6 million stapled securities at S$0.88 to S$0.94 a unit.
Ascendas Land International will subscribe to 266 million to 284.1 million Ascendas Hospitality units, while AHDF Pte Ltd, a unit of French hotel group Accor, will receive 53.2 million to 56.8 million units as partial payment for hotels that had been put in the trust.
Cornerstone investors, including a unit of Singapore Press Holdings, will take up another 80 million to 85.2 million units.
Based on the maximum offer price, Ascendas Hospitality will offer investors a yield of 7.4 percent in 2013 and 7.7 percent in 2014.
Nomura and Standard Chartered are the joint financial advisors and global coordinators for the Ascendas Hospitality IPOs.
Singapore’s IPO market is beginning to stir after a weak start to the year.
Besides Ascendas Hospitality, Malaysia healthcare firm IHH Healthcare Bhd is in the process of raising $2 billion via a dual listing in Singapore and Kuala Lumpur, while India’s Reliance Communications is looking to raise as much as $1 billion by listing its undersea cable unit. ($1 = 1.2710 Singapore dollars) (Reporting by Kevin Lim; Editing by Richard Pullin)