April 5, 2011 / 7:20 AM / 7 years ago

UPDATE 1-Mapletree Commercial may relaunch S$1 bln IPO on Wed: sources

* IPO delayed by about two weeks due to Japan earthquake

* Mapletree Commercial’s assets include S‘pore’s largest mall (Adds background, details)

By Saeed Azhar and Charmian Kok

SINGAPORE, April 5 (Reuters) - Mapletree Investments, a property firm owned by Singapore state investor Temasek , is poised to launch the S$1 billion ($794 million) IPO of its commercial property trust after a two-week delay due to the Japanese earthquake, sources said.

“Mapletree Commercial Trust’s prospectus is going to be lodged tomorrow,” one of the sources told Reuters on Tuesday. The sources declined to be named because the news had not yet been made public.

The launch of Mapletree Commercial’s initial public offering comes amid a recovery in global stock markets, which fell sharply as investor confidence slumped in the aftermath of the massive earthquake and tsunami that hit Japan on March 11.

Mapletree Commercial, which is a real estate investment trust, will draw its initial portfolio from Mapletree Investments’ S$6.4 billion worth of Singapore commercial properties. The REIT’s key asset is Vivocity, Singapore’s largest shopping mall.

The trust previously set an indicative yield of 5.2 to 5.8 percent for its initial public offering, IFR reported in March. [ID:nL3E7EA1DP]

    Citigroup , DBS and Goldman Sachs are the global co-ordinators and joint bookrunners with CIMB and Deutsche Bank (DBKGn.DE).

    Mapletree Commercial was poised to launch its IPO on or around March 18 but decided to call it off after Hong Kong billionaire Li Ka-Shing Hutchison Port Holdings Trust made a weak debut in Singapore. [ID:nSGC003936]

    Mapletree Investments owns or manages over S$13 billion ($9.4 billion) worth of real estate assets in Singapore and around Asia.

    Its listed property trusts include Mapletree Industrial , which owns factories in Singapore, Lippo-Mapletree , whose main assets are Indonesian malls, and Mapletree Logistics Trust , which has warehouses and other logistics properties across Asia. ($1 = 1.260 Singapore Dollars) (Editing by Kevin Lim)

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