SPH to raise S$504m in REIT IPO

SPH to raise S$504m in REIT IPO

    By Wong Siew Ying
    POSTED: 17 Jul 2013 2:10 PM
  
Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.

SINGAPORE: 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. It has an option to bump up the sale by up to 56 million units.

SPH REIT has secured five cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company who have committed S$226 million for 251 million units.

At 90 cents a unit, SPH REIT is offering a yield of 5.79 per cent based on its projections for 2014.

The trust's assets will include the Paragon mall in Orchard Road and the suburban Clementi Mall.

The public offer for the IPO opens on Wednesday and the listing will be on July 24.

SPH said indication of interest among institutional investors during the bookbuilding process amounted to 42 times the number of units offered under the placement tranche.

- CNA/ac/fa

- wong chee tat :)

Clementi Mall to officially open on May 21

Clementi Mall to officially open on May 21
By Cheryl Lim

CLEMENTI Mall, the first mixed-use development integrating housing board flats with a shopping mall, will officially open later in May.

Located at the junction of Commonwealth Avenue West and Clementi Avenue 3, the mall is owned and operated by CM Domain, a joint venture between NTUC Fairprice Co-operative, NTUC Insurance Co-operative and a unit of Singapore Press Holdings.

Two blocks of 388 flats form part of the development, a mix of three and four-room flats.

The project was designed and built by HDB with the commercial mall component later sold to CM Domain.

Giving an update on the mall's progress since its soft launch in January 2011, CM domain said the bus interchange on the first level would be opening sometime the middle of 2011.

Two brands- Samuel and Kevin, and Baskin Robbins- are also marking their re-entry into the Singapore market with an outlet in the mall. The mall's official opening will be on May 21.


- wong chee tat :)