GIC could list logistics assets by Q4 2010

The Government of Singapore Investment Corporation could be looking to list the logistics business of its real estate arm by as early as the fourth quarter of this year.

A Reuters report said the sovereign wealth fund is seeking to raise at least S$1 billion in the initial public offering.

This could make it the biggest IPO on the Singapore market since CapitaMalls Asia’s listing last year.

The report said the listing is expected to take the form of a real estate investment trust (REIT).

It could include assets from Japan-based ProLogis, which GIC had bought from the warehouse owning company for US$1.3 billion two years ago.

When contacted, GIC declined to comment on the report.

GIC is estimated to have some US$300 billion in assets, and its real estate division ranks among the world’s top-10 real estate investment firms.

It has close to 200 investments in more than 30 countries.

Source : Channel NewsAsia – 10 Jun 2010

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