AEP Investment Management and HNA Group's joint venture commissioned Bank of America Merrill Lynch to work on the float of the duo's planned initial public offering of a commercial real estate investment trust in Singapore, The Australian's Business Review reported.

The proposed IPO will have a portfolio comprising five assets, which are valued at approximately S$1.5 billion, and will be anchored by its Australian office properties, according to the June 1 report. Two assets — located in Singapore and the U.K., respectively — will also be included in the assets to be listed.

AEP and HNA's planned IPO was announced in February with an initial A$1 billion portfolio. The Trident Place Business Park in the U.K. was recently added in the portfolio to be listed, increasing the portfolio's value to its current worth.

The trust also has the potential to add two more U.K. office assets into its portfolio, the report noted.

As of May 31, US$1 was equivalent to S$1.38 and A$1.34.