Showing posts with label oue. Show all posts
Showing posts with label oue. Show all posts
Tuesday, January 28, 2014
Friday, January 10, 2014
Wednesday, January 8, 2014
OUE’s $451 mil Singapore REIT IPO to be launched next week
OUE’s $451 mil Singapore REIT IPO to be launched next week
Tuesday, 07 January 2014
Tuesday, 07 January 2014
© 2014 - The Edge Singapore
- wong chee tat :)
Monday, November 25, 2013
OUE seeks shareholders’ approval to sell OUE Bayfront into its REIT for at least $1 bil
OUE seeks shareholders’ approval to sell OUE Bayfront into its REIT for at least $1 bil
WRITTEN BY THE EDGE
WEDNESDAY, 20 NOVEMBER 2013 13:06
OUE is seeking approval from its shareholders to sell OUE Bayfront into the commercial real-estate investment trust (OUE C-REIT) it is planning to list for a consideration least $1 billion.
An extraordinary general meeting (EGM) for shareholders to vote on the transaction will be held on December 4.
OUE Bayfront is an 18-storey premium office building with rooftop restaurant premises located at 50 Collyer Quay, which is complemented by retail facilities at its ancillary properties, namely OUE Tower, a conserved tower building located at 60 Collyer Quay with panoramic views of the Marina Bay landscape which is currently occupied by a fine-dining restaurant and OUE Link, a link bridge located at 62 Collyer Quay with retail units.
Based on the valuation of OUE Bayfront by Cushman & Wakefield VHS as at September 30, 2013, the property is valued at $1.01 billion and at $1.4 billion when income support is taken into account.
Assuming that the OUE Bayfront Property is sold for the minimum price of $1 billion, the sale consideration may comprise a cash component of $696.9 million and
a cash-equivalent component comprising units in the commercial REIT worth $308.1 million.
OUE intends to use the cash proceeds for the following purposes to pay down existing debt of US$376.6 million and for general corporate and working capital purposes.
The EGM will also see shareholders voting on OUE's proposal to distribute to shareholders about 25.6% of the company-held OUE H-Trust stapled securities to shareholders, on the basis of 1 company-held OUE H-Trust stapled security for every 6 shares held.
OUE “intends to retain approximately 33 to 35% of the total number of OUE H-Trust stapled securities in issue” after the distribution, it said.
LAST UPDATED ON WEDNESDAY, 20 NOVEMBER 2013 13:12
- wong chee tat :)
WRITTEN BY THE EDGE
WEDNESDAY, 20 NOVEMBER 2013 13:06
OUE is seeking approval from its shareholders to sell OUE Bayfront into the commercial real-estate investment trust (OUE C-REIT) it is planning to list for a consideration least $1 billion.
An extraordinary general meeting (EGM) for shareholders to vote on the transaction will be held on December 4.
OUE Bayfront is an 18-storey premium office building with rooftop restaurant premises located at 50 Collyer Quay, which is complemented by retail facilities at its ancillary properties, namely OUE Tower, a conserved tower building located at 60 Collyer Quay with panoramic views of the Marina Bay landscape which is currently occupied by a fine-dining restaurant and OUE Link, a link bridge located at 62 Collyer Quay with retail units.
Based on the valuation of OUE Bayfront by Cushman & Wakefield VHS as at September 30, 2013, the property is valued at $1.01 billion and at $1.4 billion when income support is taken into account.
Assuming that the OUE Bayfront Property is sold for the minimum price of $1 billion, the sale consideration may comprise a cash component of $696.9 million and
a cash-equivalent component comprising units in the commercial REIT worth $308.1 million.
OUE intends to use the cash proceeds for the following purposes to pay down existing debt of US$376.6 million and for general corporate and working capital purposes.
The EGM will also see shareholders voting on OUE's proposal to distribute to shareholders about 25.6% of the company-held OUE H-Trust stapled securities to shareholders, on the basis of 1 company-held OUE H-Trust stapled security for every 6 shares held.
OUE “intends to retain approximately 33 to 35% of the total number of OUE H-Trust stapled securities in issue” after the distribution, it said.
LAST UPDATED ON WEDNESDAY, 20 NOVEMBER 2013 13:12
- wong chee tat :)
Wednesday, July 24, 2013
OUE Hospitality Trust IPO 19.1 Times Subscribed
OUE Hospitality Trust IPO 19.1 Times Subscribed
by Admin on Jul 24, 2013 • 8:21 pm
by Ernie B. Calucag
singapore
The initial public offering (IPO) of OUE Hospitality Trust, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust, is 19.1 times subscribed, the trust said Wednesday.
The public offering of around 434.6 million stapled securities, which closed Tuesday noon, received 40,935 applications representing approximately 974.7 million units.
Meanwhile, the placement tranche of 383.5 million stapled securities to institutional investors and 51.1 million stapled securities to the public in Singapore were both fully subscribed.
Together, the OUE Hospitality Trust raised gross proceeds of S$600.0 million, with potential to go up to S$660.0 million if the over-allotment option of 68.2 million stapled securities is exercised in full.
The trust also secured an additional S$218.0 million worth of commitments from cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund who have subscribed for an aggregate of 247.2 million stapled securities.
Priced at S$0.88 per stapled security, the holders can expect to receive annualised 2013 distribution yield of 7.36 per cent and projected 7.46 per cent in 2014.
“The strong demand from the market highlights that investors recognise the sound asset fundamentals that underpin the portfolio of OUE H-Trust, as well as the strong backing of our sponsor Overseas Union Enterprise (OUE),” said Chong Kee Hiong, CEO of the REIT Manager.
OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
OUE Hospitality Trust will start trade at 2.00 p.m. on Thursday, July 25.
SPH REIT Debuts Strong
SPH REIT gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.
The shares jumped 9.4 per cent to 98.5 S-cents at the close of trading Tuesday. The stock was offered at 90 S-cents apiece, the top end of its price range.
SPH REIT units were offered with a yield of 5.79 per cent based on fiscal 2014 projections. That is higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76 per cent, according to data compiled by Bloomberg.
The media group Singapore Press Holdings sold 615.8 million REIT units, raising S$554.0 million.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
- wong chee tat :)
by Admin on Jul 24, 2013 • 8:21 pm
by Ernie B. Calucag
singapore
The initial public offering (IPO) of OUE Hospitality Trust, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust, is 19.1 times subscribed, the trust said Wednesday.
The public offering of around 434.6 million stapled securities, which closed Tuesday noon, received 40,935 applications representing approximately 974.7 million units.
Meanwhile, the placement tranche of 383.5 million stapled securities to institutional investors and 51.1 million stapled securities to the public in Singapore were both fully subscribed.
Together, the OUE Hospitality Trust raised gross proceeds of S$600.0 million, with potential to go up to S$660.0 million if the over-allotment option of 68.2 million stapled securities is exercised in full.
The trust also secured an additional S$218.0 million worth of commitments from cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund who have subscribed for an aggregate of 247.2 million stapled securities.
Priced at S$0.88 per stapled security, the holders can expect to receive annualised 2013 distribution yield of 7.36 per cent and projected 7.46 per cent in 2014.
“The strong demand from the market highlights that investors recognise the sound asset fundamentals that underpin the portfolio of OUE H-Trust, as well as the strong backing of our sponsor Overseas Union Enterprise (OUE),” said Chong Kee Hiong, CEO of the REIT Manager.
OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
OUE Hospitality Trust will start trade at 2.00 p.m. on Thursday, July 25.
SPH REIT Debuts Strong
SPH REIT gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.
The shares jumped 9.4 per cent to 98.5 S-cents at the close of trading Tuesday. The stock was offered at 90 S-cents apiece, the top end of its price range.
SPH REIT units were offered with a yield of 5.79 per cent based on fiscal 2014 projections. That is higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76 per cent, according to data compiled by Bloomberg.
The media group Singapore Press Holdings sold 615.8 million REIT units, raising S$554.0 million.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
- wong chee tat :)
Thursday, July 18, 2013
OUE Prices Hospitality Trust IPO at S$0.88 to Raise S$600 million
OUE Prices Hospitality Trust IPO at S$0.88 to Raise S$600 million
by Admin on Jul 18, 2013 • 7:41 pm
by Ernie B. Calucag
Singapore property firm Overseas Union Enterprise Ltd (OUE) has priced Thursday the initial public offering of its hospitality and retail assets at S$0.88 per stapled security, at the low end of the indicative range of S$0.88 to S$0.90 each.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 stapled securities, consisting of an international placement of 383,462,000 stapled securities and 51,136,000 stapled securities to the public in Singapore.
The offer also includes 247,220,000 stapled securities to cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund.
OUE Hospitality Trust is expected to raise S$600.0 million from the offering. At S$0.88 each, the trust is offering a yield of 7.46 per cent based on fiscal 2014 projections, according to the prospectus.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
The retail tranche of the offering opens Thursday while listing will be on July 25.
OUE’s IPO follows that of media group Singapore Press Holdings (SPH)’s REIT offering, priced at S$0.90 per unit Wednesday.
SPH said the final price, at the top end of the indicated range, was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 18, 2013 • 7:41 pm
by Ernie B. Calucag
Singapore property firm Overseas Union Enterprise Ltd (OUE) has priced Thursday the initial public offering of its hospitality and retail assets at S$0.88 per stapled security, at the low end of the indicative range of S$0.88 to S$0.90 each.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 stapled securities, consisting of an international placement of 383,462,000 stapled securities and 51,136,000 stapled securities to the public in Singapore.
The offer also includes 247,220,000 stapled securities to cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund.
OUE Hospitality Trust is expected to raise S$600.0 million from the offering. At S$0.88 each, the trust is offering a yield of 7.46 per cent based on fiscal 2014 projections, according to the prospectus.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
The retail tranche of the offering opens Thursday while listing will be on July 25.
OUE’s IPO follows that of media group Singapore Press Holdings (SPH)’s REIT offering, priced at S$0.90 per unit Wednesday.
SPH said the final price, at the top end of the indicated range, was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
OUE's hospitality trust IPO priced at bottom of range
OUE's hospitality trust IPO priced at bottom of range
By Wong Siew Ying
POSTED: 18 Jul 2013 5:47 PM
Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
SINGAPORE: Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
OUE Hospitality Trust plans to sell its units at 88 Singapore cents each which is at the bottom of its indicative range.
This comes a day after Singapore Press Holdings priced an IPO of its retail-centric REIT.
OUE said the offer price translates to a projected yield of 7.46 per cent for 2014.
OUE Hospitality Trust's initial asset portfolio will comprise retail mall Mandarin Gallery and hotel Mandarin Orchard Singapore.
The developer is selling about 434.6 million units to institutional and retail investors.
Another 247.2 million units are set aside for five cornerstone investors.
The IPO will be launched at 6pm on July 18.
OUE said the public offer closes on July 23 and trading is expected to start on July 25.
- CNA/fa
- wong chee tat :)
By Wong Siew Ying
POSTED: 18 Jul 2013 5:47 PM
Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
SINGAPORE: Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
OUE Hospitality Trust plans to sell its units at 88 Singapore cents each which is at the bottom of its indicative range.
This comes a day after Singapore Press Holdings priced an IPO of its retail-centric REIT.
OUE said the offer price translates to a projected yield of 7.46 per cent for 2014.
OUE Hospitality Trust's initial asset portfolio will comprise retail mall Mandarin Gallery and hotel Mandarin Orchard Singapore.
The developer is selling about 434.6 million units to institutional and retail investors.
Another 247.2 million units are set aside for five cornerstone investors.
The IPO will be launched at 6pm on July 18.
OUE said the public offer closes on July 23 and trading is expected to start on July 25.
- CNA/fa
- wong chee tat :)
Wednesday, July 17, 2013
SPH Prices REIT IPO at S$0.90 per Unit
SPH Prices REIT IPO at S$0.90 per Unit
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
Tuesday, July 16, 2013
SGX expecting healthy pipeline of IPOs for rest of 2013
SGX expecting healthy pipeline of IPOs for rest of 2013
By Linette Lim
POSTED: 16 Jul 2013 5:03 PM
The Singapore Exchange said it is looking at a healthy pipeline of initial public offerings for the rest of the year.
SINGAPORE: The Singapore Exchange (SGX) said it is looking at a healthy pipeline of initial public offerings (IPO) for the rest of the year.
Bankers said improving market sentiment is one key reason driving confidence among potential issuers.
OCBC said the most popular IPOs among investors will continue to be yield instruments like real estate investment trusts (REIT).
This is because interest rates are widely expected to remain low for this year at least.
Even as investors eagerly await the OUE and SPH Reit IPOs, SGX said there are listings from other business sectors coming on-stream.
Lawrence Wong, head of listings at SGX, said, explained: "Of course there are certain sectors that we are better at so we tend to attract more attention from these, like the offshore (companies), REITs and business trusts, our commodities and resources (listings). Now increasingly, we are seeing healthcare as well. In fact, the other trend we are bringing to see is actually consumer related."
- CNA/fa
- wong chee tat :)
By Linette Lim
POSTED: 16 Jul 2013 5:03 PM
The Singapore Exchange said it is looking at a healthy pipeline of initial public offerings for the rest of the year.
SINGAPORE: The Singapore Exchange (SGX) said it is looking at a healthy pipeline of initial public offerings (IPO) for the rest of the year.
Bankers said improving market sentiment is one key reason driving confidence among potential issuers.
OCBC said the most popular IPOs among investors will continue to be yield instruments like real estate investment trusts (REIT).
This is because interest rates are widely expected to remain low for this year at least.
Even as investors eagerly await the OUE and SPH Reit IPOs, SGX said there are listings from other business sectors coming on-stream.
Lawrence Wong, head of listings at SGX, said, explained: "Of course there are certain sectors that we are better at so we tend to attract more attention from these, like the offshore (companies), REITs and business trusts, our commodities and resources (listings). Now increasingly, we are seeing healthcare as well. In fact, the other trend we are bringing to see is actually consumer related."
- CNA/fa
- wong chee tat :)
Wednesday, June 5, 2013
OUE gets SGX approval to list REIT
OUE gets SGX approval to list REIT
POSTED: 05 Jun 2013 8:46 PM
Overseas Union Enterprise has received approval from SGX to list a hospitality-focused real estate investment trust.
SINGAPORE: Property developer Overseas Union Enterprise (OUE) has received approval from the Singapore Exchange (SGX) to list a hospitality-focused real estate investment trust (REIT).
In a filing with the SGX, OUE said the REIT manager plans to appoint real estate veteran Chong Kee Hiong as chief executive officer and executive director.
Mr Chong is the former CEO of The Ascott, the serviced apartment arm of property developer CapitaLand.
On May 13, OUE had said it planned to establish a REIT, which will include a hotel, Mandarin Orchard Singapore, and its adjoining Mandarin Gallery shopping mall.
OUE - controlled by Indonesia's Lippo Group - did not reveal details about the size and timing of the initial public offering (IPO) for the proposed OUE hospitality REIT.
But according to reports, the hotel REIT is expected to raise US$700 million to US$800 million, making it Singapore's third-biggest IPO this year. The deal is expected to be priced in early July, with the proposed listing later in the month.
- CNA/ms
- wong chee tat :)
POSTED: 05 Jun 2013 8:46 PM
Overseas Union Enterprise has received approval from SGX to list a hospitality-focused real estate investment trust.
SINGAPORE: Property developer Overseas Union Enterprise (OUE) has received approval from the Singapore Exchange (SGX) to list a hospitality-focused real estate investment trust (REIT).
In a filing with the SGX, OUE said the REIT manager plans to appoint real estate veteran Chong Kee Hiong as chief executive officer and executive director.
Mr Chong is the former CEO of The Ascott, the serviced apartment arm of property developer CapitaLand.
On May 13, OUE had said it planned to establish a REIT, which will include a hotel, Mandarin Orchard Singapore, and its adjoining Mandarin Gallery shopping mall.
OUE - controlled by Indonesia's Lippo Group - did not reveal details about the size and timing of the initial public offering (IPO) for the proposed OUE hospitality REIT.
But according to reports, the hotel REIT is expected to raise US$700 million to US$800 million, making it Singapore's third-biggest IPO this year. The deal is expected to be priced in early July, with the proposed listing later in the month.
- CNA/ms
- wong chee tat :)
Thursday, March 21, 2013
OUE exploring setting up of REIT
OUE exploring setting up of REIT
Posted: 21 March 2013 2111 hrs
SINGAPORE : Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX).
In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks.
But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the REIT, size of the offering and timeframe are under review.
Earlier reports had speculated that OUE, which owns commercial properties and hotels, was planning a listing of a hospitality REIT in the second half of the year.
OUE's hotel properties include Mandarin Orchard Singapore, Marina Mandarin Singapore, Crowne Plaza Changi Airport Hotel, Meritus Pelangi Beach Resort & Spa Langkawi, Meritus Mandarin Haikou and Meritus Shantou China.
- CNA/ms
- wong chee tat :)
Posted: 21 March 2013 2111 hrs
SINGAPORE : Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX).
In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks.
But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the REIT, size of the offering and timeframe are under review.
Earlier reports had speculated that OUE, which owns commercial properties and hotels, was planning a listing of a hospitality REIT in the second half of the year.
OUE's hotel properties include Mandarin Orchard Singapore, Marina Mandarin Singapore, Crowne Plaza Changi Airport Hotel, Meritus Pelangi Beach Resort & Spa Langkawi, Meritus Mandarin Haikou and Meritus Shantou China.
- CNA/ms
- wong chee tat :)
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