Viva Industrial Trust to raise S$365 million in IPO

Viva Industrial Trust, a Singapore business and real estate trust, said on Monday it would be raising S$365 million through an initial share sale to Chinese property tycoon Tong Jinquan and the public, Bloomberg News reported.

Mr Tong, the chairman of Shanghai Summit Property Development, will purchase S$200 million of shares in the initial public offering as a cornerstone investor, the trust said in its filing with the Monetary Authority of Singapore. Viva Industrial will altogether sell 468 million shares at 78 Singapore cents each, according to the filing.

Viva Industrial, which forecast a dividend yield of 8.8 per cent for 2014, will be backed by three industrial properties in Singapore, namely BizHub East, Technopark@Chai Chee and Mauser Singapore, the filing showed.

Source : Today – 14 Oct 2013

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