Another big REIT IPO. Here are articles from news articles and bloggers who wrote about this.
IPO details from The Straits Times
IPO details from The Straits Times
Sydney-headquartered Lendlease Group has lodged a prospectus to list a new Reit (real estate investment trust) - Lendlease Global Commercial Reit - on the Singapore Exchange's (SGX) main board.
About 387.5 million units at $0.88 each will be offered under the initial public offering (IPO) and a placement tranche.
The Reit's manager, Lendlease Global Commercial Trust Management, aims to raise gross proceeds of about $1.03 billion, which will pay for the costs of the IPO, the acquisition of the properties and working capital.
The Reit will initially consist of leasehold retail mall 313@Somerset in Singapore and freehold office property Sky Complex, which comprises three buildings, in Milan, Italy. The Reit's portfolio has an appraised value of about $1.41 billion.
Based on the Reit's unaudited pro forma balance sheet, net asset value per unit as of the proposed listing date will be $0.8134. Net property income is projected to be $47.9 million for next year and $65.8 million for 2021.
Projected distributable income is forecast at $44.9 million for next year and $62.7 million for 2021. Distribution per unit is forecast to be 3.82 cents, with distribution yield at 5.8 per cent for next year.
The public offer opens on Sept 25 at 9pm and closes on Sept 30 at 12pm, with the Reit expected to list on Oct 2. The minimum initial subscription for applications is 1,000 units. Placement tranche units are offered through an international placement including Singapore and excluding the United States.
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