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IPO Monitor for the week ending Sept. 28

Editor's note: The IPOMonitor is a feature that tracks international real estate companies debutingon the exchanges.


Charter HallGroup released the product disclosure statement and timetablefor a A$1.12 billion REIT that will primarily target high-quality officeproperties.

Long WALE REIT, which will join the company's existingfamily of funds, will invest in Australasian assets that are leased togovernment and corporate tenants in the long term. The REIT's initial portfoliowill consist of 66 diversified properties, located in six Australian states,independently valued at A$1.25 billion.

According to a timetable, the IPO for the REIT is expectedto open Oct. 18 for institutional investors. The REIT will start trading on theASX on a conditional and deferred settlement basis on Oct. 19, and itssecurities will be issued and allotted by Oct. 27. Long Wale REIT will commencetrading on the Australian bourse on a normal settlement basis Oct. 31.


* VBHC Value Homes Pvt. Ltd. is looking into a possible IPOin 2017, India's Mint reported.

The Indian homebuilder is considering listing at home or abroad, the report said,citing chief executive and managing director Ravi Ramu. Chairman Jaithirth Raodeclined to comment on the possible size of the IPO.

The affordable housing developer was in early talks inFebruary 2015 to raise about 5.00 billion Indian rupees through an IPO, but theplan failed to materialize, the report said.

* BlackstoneGroup LP and a local partner are expected to file a draft prospectus for an Indian REITin the week of Oct. 2, the BusinessStandard of India reported.

Citing Jitu Virvani, president of Embassy Group, the reportsaid the partners are looking to raise US$600 million for what will be India'sfirst REIT.

* DLFLtd. CEO Rajiv Talwar said the company will soon list a REIT in India, as theSecurities and Exchange Board of India settled most of the company's concernsfor real estate investment trusts, the BusinessStandard reported.

Talwar did not specify a timeline for the company's plannedfloat. However, the publication also quoted an unnamed executive as saying thatthe issue could be launched after the closing of the stake sale DLF Cyber CityDevelopers Ltd.


PT LippoKarawaci Tbk applied to establish an Indonesian real estate investment fund thatwill own a portfolio of four office properties and a distribution facility, The (Singapore) Business Times reported.

Lippo Karawaci Executive Director Mark Wong said in aninterview that DIRE Bowsprit Commercial and Infrastructure's portfolio willcomprise Menara Matahari, Menara Asia, Lippo Kuningan, Berita Satu Plaza and awarehouse in Balaraja, Java.

The 2.2 trillion-Indonesian-rupiah fund could provide anestimated 9% distribution yield, according to the report.

Todd Lauchlan, JLL Indonesia international director andcountry head, said that a real estate investment fund is quite similar toREITs, except the former is a mutual fund created with a collective investmentcontract.