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Soilbuild Business Space REIT Plans $452m-$469m IPO
Perspective | 31 July 2013
By Reuters

Soilbuild Business Space REIT, which owns seven business and industrial properties in Singapore, plans to raise as much as $469 million (US$370.27 million) in an initial public offering (IPO), it said in a prospectus.

Sponsored by property developer Soilbuild Group Holdings, the REIT is offering 586.5 million units at a price range of $0.77 to $0.80 per unit, which translates to forecast dividend yields of 7.3 to 7.6 percent for 2013 and 7.5 to 7.8 percent for 2014.

Bookbuilding will be conducted from 31 July 2013 to 6 Aug 2013 with the listing targeted for 16 Aug 2013, according to IFR, a Thomson Reuters publication.

The IPO has an institutional tranche of 499 million units and a public portion of 87.5 million units. There is an overallotment option of 56.3 million units, or 9.6 percent of the total offer. There is no cornerstone tranche.

Citigroup, DBS and OCBC are the joint global co-ordinators. Religare Capital and United Overseas Bank are co-managers.

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