The former head of CapitaMall Trust is reportedly planning to launch an initial public offering (IPO) of a real estate investment trust (Reit) in Singapore to raise $1 billion.
The Reit will be floated under Perennial Real Estate – the firm established by Mr Pua Seck Guan, who left CapitaMall Trust in 2008 – and will consist of Chinese assets, according to a Dow Jones report.
Quoting a person familiar with the matter, the report said an IPO road show would take place later this month but no additional details were provided on where it will be held.
The IPO listing is likely to have a similar structure to “how CapitaLand injected its retail assets into CapitaMalls Asia before listing it in November last year”, the report said.
“If all goes well, the initial public offering will be launched in February and listing is targeted for March,” said the source, according to Dow Jones.
A spokesperson for Perennial Real Estate told MediaCorp yesterday that the company could not confirm the wire reports.
The spokesperson added: “Perennial Real Estate’s core business markets are China, India and Singapore and we continue to explore opportunities in these markets in the course of our business.”
Perennial Real Estate is engaged in real estate as well as real estate-related activities, including fund management, asset management and also retail management.
Its asset and retail management arm manages a private trust that owns the new Katong Mall.
Currently undergoing redevelopment, the mall is expected to be completed in the third quarter.
Source : Today – 5 Jan 2011