July 9, 2013 / 9:46 AM / 5 years ago

CORRECTED-Singapore Press to raise at least $409 mln from REIT

(Corrects headline to “at least” $409 mln, from “up to” $409 mln)

SINGAPORE, July 9 (Reuters) - Media group Singapore Press Holdings Ltd plans to raise at least S$523 million ($409 million) by spinning off some of its property assets via a real estate investment trust, according to a preliminary prospectus filed on Tuesday.

Called SPH REIT, the trust’s assets will include the luxury Paragon mall on the prime shopping district of Orchard Road and the suburban Clementi Mall.

SPH expects gross proceeds of between S$523 million and S$554 million based on the price range of S$0.85 to S$0.90 per REIT unit.

Credit Suisse is the sole global coordinator and issue manager, and is also an underwriter with DBS Bank and Oversea-Chinese Banking Corp. erica($1 = 1.2800 Singapore dollars) (Reporting by Kevin Lim and Saeed Azhar; Editing by Miral Fahmy and David Goodman)

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