Elite Commercial REIT is aiming to raise approximately £150 million from what could be the first listing on the Singapore stock exchange in 2020, The (Singapore) Business Times reported Jan. 9.

The company, which will be the first British pound-denominated REIT to list in the city-state, is expected to file its IPO prospectus next week, according to the publication, as well as The Edge Singapore's Jan. 7 report.

An Elite Partners Capital representative also told REITsWeek that work is underway for the submission. However, the Jan. 8 report noted that the IPO-hopeful property cannot disclose more details just yet because of confidentiality concerns.

Elite Commercial owns a roughly £320 million portfolio comprising 97 freehold properties across the U.K.

According to The Business Times and The Edge, about 99% of the company's properties are leased to the Jobcentre Plus unit of the U.K. government's Department for Work and Pensions. Both publications also added that the yield for the IPO will likely be within the 6% to 7% range.