Tuesday, July 16, 2013

SPH REIT said to raise $504m in initial offering

SPH REIT said to raise $504m in initial offering
TUESDAY, 16 JULY 2013 20:58

Singapore Press Holdings., the newspaper publisher that owns the Paragon mall along the city’s shopping belt, raised $504 million in an initial public offering of its retail assets, according to two people with knowledge of the matter.

SPH REIT sold 559.9 million units at 90 cents, the high end of a marketed range of 85 Singapore cents to 90 cents, the people said, asking not to be named as the information is private. The sale can be increased by as much as 56 million units, according to a prospectus filed last week.

The real estate investment trust is competing for investors with an offering by property company Overseas Union Enterprise that includes a downtown Singapore hotel and mall. With investors seeking high-yielding assets, trusts have been the most active fundraisers in Singapore in the past year.

At 90 cents a unit, SPH REIT is offering a yield of 5.79% based on fiscal 2014 projections, according to the prospectus. The company had commitments from investors including Great Eastern Life Assurance Co. and Morgan Stanley Investment Management Co. for nearly half the shares sold, it said in the document.

SPH said in an emailed statement that it is unable to comment on the REIT pricing.

Overseas Union, which is seeking as much as $614 million for its REIT, will offer a yield of as much as 7.5% based on earnings projections for 2014, it said last week. The FTSE Strait Times RE Invest Trust Index tracking 28 REITs in Singapore offers a 4.8% dividend yield.

Overseas Union plans to set a price for its sale this week.

Singapore Press said in May it will hold about 70% of the REIT after it goes public, and the proceeds will fund the group’s growth and a special dividend.

Credit Suisse Group AG, DBS Group Holdings and Oversea-Chinese Banking Corp. managed the sale.

Source/Extract/Excerpts/来源/转贴/摘录: www.theedgesingapore.com
Publish date: 16/07/13

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)

乔治·索罗斯(George Soros)



高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo

There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock