LendLease Group is preparing to conduct by mid-September its planned listing of a commercial real estate investment trust in Singapore with a market capitalization of at least S$1 billion, The (Singapore) Business Times reported, citing unnamed sources.
The REIT's seed portfolio, which will comprise one property in each of Singapore, Milan and Italy, is estimated to have an appraised value of S$1.4 billion, according to the publication. A shopping mall along Orchard Road in the city-state with an appraised value of S$1 billion and a net lettable area of about 300,000 square feet is expected to be included in the portfolio, The Business Times noted.
No prospectus has been filed yet for the IPO, for which DBS Bank Ltd. will function as the sole financial adviser and issue manager. DBS will also serve as joint global coordinator, book runner and underwriter alongside Citigroup Global Markets Ltd.
The Australian property group declined to confirm or deny reports regarding the IPO. However, it maintained that it is continuing to explore options to diversify its resources and grow its funds under management in Asia, the Aug. 17 report added.
As of Aug. 16, US$1 was equivalent to S$1.39.