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IPO Monitor for the week ending May 11

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IPO Monitor for the week ending May 11

Editor's note: The IPO Monitoris a feature that tracks international real estate companies debuting on the exchanges.

Singapore

* will price its IPOin Singapore at 83 U.S. cents apiece, raising US$519.2 million in the process, ThomsonReuters' IFR reported,citing an unnamed source.

The upcomingS-REIT previously offereda price range of between 82 U.S. cents and 83 cents. The new REIT plans to offer396,569,300 units, subject to an overallotment option, to the public and institutionalinvestors.

At therumored IPO price, the REIT will have a total capitalization of roughly US$815.2million.

* a report that it is planningto spin off some of itsAustralian logistics and industrial assets for a listing on the Main Board of Singapore Exchange SecuritiesTrading Ltd.

The companysaid it has submitted relevant applications for the proposed listing to the city-state'sregulatory authorities, including the SGX-ST and Monetary Authority of Singapore.The listing is also subject to market conditions and other approvals.

"Thecompany wishes to reiterate that no decision has been made as to whether the transactionwill take place and there is currently no certainty that the company will proceedwith the offering," Frasers said.

The (Singapore) Business Times noted in a same-day report that the new REIT could be worth betweenS$800 million and S$900 million, and is expected to float in June. The entity, whichis likely to be named Frasers Logistics and Industrial Trust, may also acquire businessparks from third parties, and the REIT's initial portfolio could comprise more than50 properties.

Frasersalready manages three other REITs: FrasersCentrepoint Trust, FrasersCommercial Trust and FrasersHospitality Trust.

Italy

priced its IPO at €10.00per share, and May 13 will mark its trading debuton the Mercato Telematico Azionario.

The companyraised total proceeds of €215 million, excluding the overallotment option. The offerprice gives COIMA RES a market capitalization of €360.1 million.

The companyhas now completed its offering of 21.5 million shares targeted exclusively at institutionalinvestors. The offering received interest from domestic as well as foreign investorsfrom continental Europe, U.K. and U.S.

COIMARES, which recently downsized the minimum offering of its IPO to €215 million from€300 million, received approvalfrom the Commissione Nazionale per le Società e la Borsa on May 6, as previouslyreported.

The companyhas invested over €1 billion on core and value-added acquisitions in the last 18months and has more than €5 billion of assets under management on behalf of internationaland domestic institutional investors, according to its website. It will mainly focus on commercialproperties with an aim to generate rental income.

India

* willeither establish a REIT or raise funds from an investor, as the company is consolidatingits office business as an initial strategy for both options.

The Economic Times of India reported that the company is presently engaged in the mergerand demerger of its entities. At least 12 investors have reached out to the companyabout potential investments in office and retail properties.

PrestigeEstates plans to use the raised funds for future development plans, rental businessexpansion and to cut debt.

* is planning to bring itsshopping mall assets under separate special purpose vehicles for conversion intoREITs, a plan that could raise around US$1 billion for the country's biggest developer,India's Business Standard , citing DLF CEO Rajeev Talwar.

Spain

shareholdersapproved a to a SOCIMI during 2016.

The Spanishgroup said in its first-quarter earnings statement that shareholders at the annualgeneral meeting approved the planned conversion and that the group plans to distribute€40 million to shareholders.

Poland

SouthAfrica-based Redefine Properties Ltd.'snew REIT in Poland is set to launch as soon as regulatory work is concluded regardingthe establishment of domestic REITS in the country, Property Investor Europe reported.

The newsoutlet cited Maciej Dyjas, co-CEO of Griffin Real Estate, as saying that the newjoint venture REIT is slated to increase its AUM by €1 billion in up to four years.He said the new REIT could debut on the Johannesburg stock exchange and on an undisclosedWestern European bourse by 2017-end.

GriffinReal Estate, which partneredwith Redefine Properties and Echo Investment, will manage the REIT, Dyjas told Polishnews agency PAP, according to the report. Redefine Properties, Griffin Real Estateand Echo Investment are jointly establishing the REIT.

The WarsawStock Exchange was reported to be workingtoward the establishment of domestic REITs in the country after Redefine a 75% stake in Polish realestate company Echo Investment.

Australia

* Brokeragefirm UBS expects Australia-listed WestfieldCorp. Ltd. to consider listing overseas over the next two years, The Australian reported. The investment bank believes that the U.S. is themost likely location for an offshore listing but "timing is debatable,"according to analysts led by Grant McCasker, as quoted by the publication.

Westfieldco-CEO Steven Lowy confirmed that the company is considering a listing in the U.S.as it has allotted US$5 billion of investments in the country over the next fiveyears, as previously reported.

* AustralianUnity Real Estate Investment is movingahead with its plannedlisting of its Australian Unity Office Property Fund on the Australian stock exchange,The Australian Financial Review reported.

Marketing to institutional investors is expected to commencein May, and the A$391 million fund is aiming to raise up to A$155 million from anIPO. The float is expected to deliver a 7.4% distribution yield inthe first year.

The fund owns a portfolio of eight office assets, located inNew South Wales, Victoria, Australian Capital Territory, South Australia and Queensland,according to the report. The portfolio has an occupancy rate of 96.5%.

Listing is expected around June 30, subject to an investor vote,the news outlet said, citing Australian Unity Real Estate Investment general managerMark Pratt.

Pratt added that the fund will be the first A-REIT to list onthe ASX in 2016, and a strong investor interest is expected, according to the report.Credit Suisse, UBS and the National Australia Bank are joint lead managers.