Mapletree Industrial Trust IPO

Considering...considering...

But more homework is needed, for sure. Mapletree Industrial Trust IPO. No IPO price so far, though.

TEMASEK-backed Mapletree Industrial is looking to raise about $800 million in a Singapore listing, joining a rush of new listings before the year end.

Mapletree Investments, a real estate firm wholly owned by Singapore Temasek, intends to sell between 62.7 per cent and 69 per cent of the property trust, and offer investors a distribution yield of as high as 8 per cent, sources with knowledge of the deal told Reuters.

It is offering 917.5 million units with an option to sell another 91.75 million units if investor demand is strong, the sources said.

The meetings with investors will begin on Sept 15, roadshows on Sept 30 and pricing for the deal is expected on Oct 12, one of the sources said. Listing is seen on Oct 21. Citigroup, DBS, Goldman Sachs and Standard Chartered are bookrunners for the IPO.

The IPO comes at a time when Singapore sovereign fund GIC's logistics unit GLP is launching a $3 billion IPO which could potentially be the biggest in Singapore.

Other large IPOs in the region include American International Group's plan to list its Asian life insurance business AIA in a deal that could raise as much as $15 billion.

The listing of Mapletree Industrial Trust, which will buy six properties from its parent, is aimed at tapping investor demand for high yields at a time of low interest rates.

From Straits Times, "Mapletree plans $800m IPO".

Singapore's Mapletree Industrial Trust is looking to raise about 800 million Singapore dollars (US$598.1 million) through an initial public offering in Singapore, a person familiar with the transaction said Thursday.

The real-estate investment trust is a unit of Mapletree Investments, which is owned by Singapore's state-run investment company Temasek Holdings Pte. Ltd. It is offering 1.01 billion units, or as much as 69% of its market capitalization, in the IPO, which includes an overallotment option of 91.8 million units, the person said.

The Mapletree offer comes soon after another person familiar with the matter said last week that Singapore's other sovereign wealth fund, Government of Singapore Investment Corp., also plans to list its logistics real-estate unit, Global Logistic Properties. Global Logistic plans to raise as much as US$3 billion from its IPO and is expected to debut on the Singapore exchange Oct. 15, that person said.

Investor presentations for the Mapletree Industrial Trust issue will start Sept. 30, with pricing expected Oct. 12. The trust is expected to list Oct. 21, the person said. The proceeds of the offer will be used to purchase six properties in Singapore and to repay debt.

Mapletree Investments said in June it plans to launch two REITS: a commercial property trust and an industrial property trust.

Mapletree Industrial's chief executive, Phua Kok Kim, had said in June that the company was looking to raise S$1 billion through the IPO, but that value was dependent on market conditions.

Mapletree Investments owns and manages about S$13 billion of real-estate assets globally. Mapletree Industrial Trust's assets, located throughout Asia, are currently worth about S$1.73 billion.

Citigroup, DBS, Goldman Sachs and Standard Chartered are book runners for the deal.

From Wall Street Journal, "Mapletree Unit Plans US$598 Million IPO".



Update on 11/10: IPO of Mapletree Industrial Trust is reported to be priced at 93 cents a share.

MAPLETREE Industrial Trust, a property trust linked to Temasek Holdings, has reportedly priced its initial public offering (IPO) at 93 cents a share and could now raise as much as $940 million.

This is the top end of its earlier indicative range of 88 cents to 93 cents a unit, according to various media reports on Monday, all citing unnamed sources.

The trust owns dozens of factories, business parks and industrial buildings, mainly in Singapore.

Mapletree Industrial's distribution yield, a closely-watched measure of return on investment, is projected to be 7.6 per cent from the Oct 21 listing date to March 31, 2011, based on the 93 cents offer price.

Meanwhile, Reuters, citing sources, said that Mapletree Industrial is likely to update its draft prospectus and launch the retail portion of the IPO on Tuesday.

Mapletree Industrial is selling 594.9 million units with an option to increase the offer by another 91.75 million units, according to the draft prospectus.

From Straits Times, "Mapletree to raise $940m".

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