Rafflesian
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Mapletree Greater China Commercial Trust
Mapletree Said to Seek About $1.2 Billion in REIT IPO
By Joyce Koh & Elffie Chew - Feb 15, 2013 10:06 AM GMT+0800
Mapletree Investments Pte, a real estate unit of Temasek Holdings Pte, may seek about S$1.5 billion ($1.2 billion) from an initial public offering of a real estate investment trust backed by assets in Hong Kong and China, three people with knowledge of the matter said.
Mapletree Greater China Commercial Trust plans to offer shares in the REIT at between 88 Singapore cents to 93 Singapore cents, the people said, asking not to be identified as the process is private. The company is expected to start marketing the IPO next week, and to begin trading in Singapore next month, the people said.
The REIT will include the Festival Walk shopping mall in Hong Kong and Gateway Plaza office complex in Beijing, the people said. The sale would be the biggest IPO of a real estate investment trust in Singapore, surpassing two earlier offerings by Mapletree.
“As a capital manager, we are always looking at ways to syndicate new private equity funds or REITs and we will update the market at the appropriate time,” a spokeswoman for Mapletree Investments wrote in an e-mailed reply to questions.
The company has commitments for more than half the offering from cornerstone investors, buyers who get guaranteed allocation in IPOs in return for a pledge to hold the stock for a period of time, the people said.
Mapletree Commercial Trust, which raised $754 million in April 2011, and Mapletree Industrial Trust, which completed a $714 million IPO in October 2010, are both up about 50 percent from their offer prices, data compiled by Bloomberg show.
Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings Ltd. and HSBC Holdings Plc are managing the offer.
Mapletree Said to Seek About $1.2 Billion in REIT IPO
By Joyce Koh & Elffie Chew - Feb 15, 2013 10:06 AM GMT+0800
Mapletree Investments Pte, a real estate unit of Temasek Holdings Pte, may seek about S$1.5 billion ($1.2 billion) from an initial public offering of a real estate investment trust backed by assets in Hong Kong and China, three people with knowledge of the matter said.
Mapletree Greater China Commercial Trust plans to offer shares in the REIT at between 88 Singapore cents to 93 Singapore cents, the people said, asking not to be identified as the process is private. The company is expected to start marketing the IPO next week, and to begin trading in Singapore next month, the people said.
The REIT will include the Festival Walk shopping mall in Hong Kong and Gateway Plaza office complex in Beijing, the people said. The sale would be the biggest IPO of a real estate investment trust in Singapore, surpassing two earlier offerings by Mapletree.
“As a capital manager, we are always looking at ways to syndicate new private equity funds or REITs and we will update the market at the appropriate time,” a spokeswoman for Mapletree Investments wrote in an e-mailed reply to questions.
The company has commitments for more than half the offering from cornerstone investors, buyers who get guaranteed allocation in IPOs in return for a pledge to hold the stock for a period of time, the people said.
Mapletree Commercial Trust, which raised $754 million in April 2011, and Mapletree Industrial Trust, which completed a $714 million IPO in October 2010, are both up about 50 percent from their offer prices, data compiled by Bloomberg show.
Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings Ltd. and HSBC Holdings Plc are managing the offer.
