Sabana Reit to raise S$696.1m through IPO

Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) said it planned 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) .

It said it planned to sell 632.8 million units, with each unit priced between S$1 and S$1.10.

If successful, this would make it the first Shari’ah-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 3.3 million square feet.

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

Source : Channel NewsAsia – 10 Nov 2010

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