Thai billionaire Charoen Sirivadhanabhakdi is looking to raise at least US$500 million (S$639.9 million) by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N) in January, people with knowledge of the matter said on Monday. The listing would also mark the first step towards the merging of F&N’s assets...
Singapore REITS
Companies are again rushing to list real estate and other assets in Singapore, with billions of dollars in deals that are putting the city-state on track for its best year for initial public offerings. The firms are listing in the form of trusts, which investors find attractive because they pay high returns and assured dividends. In the past week, two real estate investment trusts (REITs) raised more...
Developer Soilbuild Group Holdings is looking to raise as much as S$643 million in an initial public offering (IPO) of its industrial and business properties. Soilbuild Business Space REIT (Soilbuild REIT) will be offering 586.5 million units at an indicative price range of 77 cents to 80 cents per unit, according to a preliminary prospectus filed with the Monetary Authority of Singapore (MAS). 499...
CapitaMalls Asia reported a profit after tax and minority interest (PATMI) of S$245.6 million in the second quarter of 2013. This marked a 5.9 per cent growth over the previous year. According to CapitaMalls Asia, its improved profitability was due to contributions from new malls, asset enhancement initiatives and acquisitions of stakes in four Japan malls in 2012, as well as profit recognition for...
Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust. According to its prospectus, SPH REIT plans to sell its units at 90 Singapore cents each, representing the top-end of the indicative price range of 85 Singapore cents to 90 cents. The trust is selling 308.9 million units to institutional and public investors....
CapitaCommercial Trust (CCT) said higher revenue and lower interest expenses have pushed its second quarter distributable income up 1.9 per cent on-year to S$59.6 million. Meanwhile, CCT's distribution per unit (DPU) rose 0.5 per cent on-year to 2.07 cents per unit. The real estate trust's gross revenue also grew in Q2, up 1.8 per cent on-year to S$97.5 million. CCT's new and renewed Grade A...
CapitaMalls Asia Limited has won a tender to acquire Grand Canyon Mall in Beijing, China for RMB 1.74 billion (S$356.6 million). The acquisition is subject to approval of the Chinese government. In a news release, the company said the Grand Canyon Mall is an operating mall located in the Fengtai District. The area has a population of about 2.2 million and is one of six core districts in...
Overseas Union Enterprise, a Singapore-listed property firm controlled by Indonesia’s Riady family, is seeking to raise up to S$614 million by listing a hospitality real estate investment in Singapore, according to a prospectus for the deal. The company will offer 434.6 million shares to the public and institutions, and an additional 247.2 million to cornerstone investors at S$0.88 to S$0.90 apiece,...
Media group Singapore Press Holdings plans to raise at least S$523 million by spinning off some of its property assets via a real estate investment trust (REIT), according to a preliminary prospectus filed on Tuesday. Called SPH REIT, the trust's assets will include the upmarket Paragon mall on the prime shopping belt of Orchard Road and the suburban Clementi Mall. SPH expects gross proceeds of...
There has been a flurry of REIT IPOs coming to market, with Overseas Union Enterprise (OUE) and Singapore Press Holdings (SPH) announcing their proposed listings on the Singapore Exchange within a week of each other. Both REITS are expected to raise more than S$1.5 billion from the market. Market observers expect strong demand for these REITs, mainly for their high yields of between 5.5 and 6...