Soilbuild seeks up to S$643m in IPO of industrial properties
SINGAPORE — Soilbuild Group Holdings, a Singapore developer, is seeking up to S$642.8 million in an initial public offering of its industrial properties.
SINGAPORE — Soilbuild Group Holdings, a Singapore developer, is seeking up to S$642.8 million in an initial public offering of its industrial properties.
The announcement comes a week after two real estate investment trusts had somewhat mixed fortunes on their debut, with SPH REIT gaining 9 per cent but OUE Hospitality Trust ending flat.
Soilbuild Business Space REIT is offering 586.5 million units at S$0.77 to S$0.80 each, according to a preliminary prospectus filed with the central bank yesterday.
Mr Lim Chap Huat, Soilbuild’s co-founder, has offered to buy an additional 216.9 million units.
The REIT’s initial portfolio comprises two business park developments and five industrial properties.
The REIT expects to offer a dividend yield of as much as 7.8 per cent based on projections for fiscal 2014, according to the prospectus.
Citigroup, DBS Group and Oversea-Chinese Banking Corp are managing the offering. BLOOMBERG
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