Mapletree Investments to raise up to S$1.6b from planned IPO

Temasek-owned Mapletree Investments is planning to raise as much as S$1.6 billion in gross proceeds from a planned initial public offering of a Greater China-focused real estate investment trust (REIT).

Scheduled to list on the Singapore Exchange on March 7, Mapletree Greater China Commercial Trust could potentially be Singapore’s largest initial public offering in two years.

In a preliminary prospectus filed with the Monetary Authority of Singapore, Mapletree Greater China Commercial Trust said it is offering 776.6 million units in its IPO to institutional investors and to the public in Singapore.

Each unit would be priced between 88 and 93 cents per unit.

The trust will also sell an additional 953.5 million units to cornerstone investors, which include Norges Bank Investment Management, AIA, CBRE, Henderson and Morgan Stanley Investment Management.

The REIT’s portfolio includes two properties: The Festival Walk – a retail and office development in Hong Kong and the Gateway Plaza office building in Beijing.

Mapletree Greater China Commercial Trust is set to be Mapletree Investments’ fourth REIT.

Citigroup, DBS, Goldman Sachs and HSBC are the joint global coordinators, underwriters and issue managers for the IPO.

Source : Channel NewsAsia – 15 Feb 2013

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