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Sasseur REIT targets US$301M from Singapore IPO

China-based outlet mall operator Sasseur Real Estate Investment Trust launched an IPO of its units in Singapore, expecting to raise US$300.7 million, The (Singapore) Business Times reported.

The trust is offering 266.6 million units, comprising 252.8 million placement shares and 13.8 million public tranche shares, priced at 80 Singapore cents apiece, the report noted, citing a prospectus filed March 21. The offer will close March 26, while trading in the units is expected to commence March 28.

Twelve cornerstone investors in the trust have committed to subscribing to a total of 228,437,500 shares, representing 46.1% of the gross proceeds of the offering, according to a separate report from Deal Street Asia. The investors include an affiliate of JD.com, Bangkok Life Assurance PCL, CKK Holdings Pte. Ltd., Credit Suisse AG, DBS Bank, DBS Vickers Securities and Secoo Holding.

Sasseur, the first outlet mall REIT to hold an IPO in Singapore, estimates a 7.5% distribution yield. Its seed portfolio comprises four outlet malls in China worth roughly S$1.5 billion.

As of March 20, US$1 was equivalent to S$1.32.