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SINGAPORE, May 13 (Reuters) - Singapore property firm Overseas Union Enterprise has hired Credit Suisse and Bank of America Merrill Lynch to advise on a planned property trust IPO in the fourth quarter that will raise about $750 million, three sources with knowledge of the deal said.
The planned real estate investment trust (REIT) will contain hotel assets held by OUE, which include the Mandarin Orchard Hotel and Crown Plaza Changi Airport in Singapore and the Meritus Mandarin Haikou and Meritus Shantou in China.
“The REIT is planned in Q4,” said a source with direct knowledge of the deal.” The amount will be close to $750 million.”
OUE, controlled by Indonesia’s Lippo Group, is a diversified Singapore property group with assets in Singapore and China.
OUE’s management was not available for comment, while the banks declined to comment. (Reporting by Saeed Azhar and Kevin Lim; Editing by Matt Driskill)