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Friday, March 1, 2013

Singapore's largest ever REIT IPO launched


Mapletree Investments Pte Ltd's (MIPL) wholly-owned subsidiary Mapletree Greater China Commercial Trust Management Ltd, the manager of Mapletree Greater China Commercial Trust has launched an initial public offering (IPO) at an offering price of 93 cent per Unit.

In a statement, it said as a result of the interest received from institutional investors during the bookbuilding process, the units have been priced at the top end of the offering price range.

The final prospectus dated Feb 27, was registered by the Monetary Authority of Singapore on Tuesday, in connection with its proposed listing on the Singapore Exchange Securities Trading Ltd (SGX-ST).

Raising gross proceeds of approximately S$1.68 billion, MGCCT will be the largest real estate investment trust (REIT) IPO ever in Singapore, making it a milestone listing on the SGX-ST.

It is also the first-ever REIT with commercial properties in both China and Hong Kong, presenting investors with the unique opportunity to participate in the favourable growth dynamics of Greater China.

The initial portfolio comprises two best-in-class commercial properties in Hong Kong and Beijing.

MIPL has an established track record in listing and managing REITs, and will hold a 32 per cent stake in MGCCT post-listing (assuming the Over-Allotment Option is fully exercised).

The IPO portfolio has a total valuation of S$4.3 billion and covers an aggregate gross floor area of approximately 2.4 million sq ft with committed occupancy of about 99.0 per cent as at November 30, 2012.-- Bernama

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