Mapletree Investments looking to launch S$4b REIT in Singapore

Mapletree Investments is looking to list a real estate investment trust in Singapore, with as much as S$4 billion in assets.

Its CEO Hiew Yoon Khong told Reuters in an interview that Mapletree will launch the initial public offering (IPO) when market conditions are more favourable, such as when yield rates fall to 5 per cent from the current 8 per cent.

The proposed Mapletree Commercial Trust will cover the VivoCity mall, the PSA Building, the St James Power Station nightspot, and other properties along the western coast of Singapore.

Mapletree said it had actually prepared for the IPO 16 to 18 months ago before the market turned for the worse.

Mapletree is also exploring opportunities outside Singapore.

It is looking to set up funds in Vietnam, India and China, with a focus on office, retail and residential properties, while industrial properties could be covered under a pan-Asian fund.

The report also said that Mapletree hopes to grow its property assets to at least S$20 billion.

The company manages about S$12 billion in property assets in across Asia, including China, Vietnam and Malaysia.

Source : Channel NewsAsia- 11 Sep 2009

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