Sabana REIT files prospectus for Singapore IPO

Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) plans to raise up to S$696.1 million through an initial public offering (IPO), according to a prospectus it has filed with the Monetary Authority of Singapore (MAS).

Sabana said it plans to sell 632.8 million units, with each unit priced at between S$1 and S$1.10.

If successful, this would make it the first Shariah-compliant listing in Singapore.

The Singapore-based REIT invests mainly in industrial properties in Asia, as well as other real estate-related assets that are Shari’ah compliant.

The initial property portfolio of the REIT will comprise 15 industrial properties in Singapore with a gross floor area of around 3.9 million square feet.

According to agency reports, the roadshows for the IPO will start on Tuesday and the listing is planned for this month.

Source : Channel NewsAsia – 9 Nov 2010

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