Singapore to launch its largest REIT IPO

Singapore to launch its largest REIT IPO

The stage has been set for Singapore’s largest initial public offering of a real estate investment trust (REIT). Mapletree Greater China Commercial Trust has locked in a top price of 93 cents a share for its IPO, and it will raise up to S$1.7 billion from the listing. The offering is Singapore’s largest IPO in two years, since Hutchison Port Holdings Trust raised US$5.5 billion in March 2011. It is also the first-ever REIT with commercial properties in both China and Hong Kong. The Temasek-linked trust will offer about 776.6 million shares, of which nearly 265.4 million will be available to the public. The REIT will use the proceeds to help buy two buildings — the Festival Walk retail and office development in Hong Kong and the Gateway Plaza office building with a retail atrium in Beijing. It will also draw HK$12.15 billion from its unsecured term loan facility to fund the...

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