EC World Real Estate Investment Trust (REIT) is set to price its initial public offering in Singapore near the top end of its indicative range to raise about S$346 million ($255 million), IFR reported, citing a person close to the transaction
The REIT, backed by a portfolio of properties in Hangzhou, China, will be selling 427.6 million units in the IPO, Thomson Reuters publication IFR reported on Wednesday.
The units are to be priced at S$0.81 apiece, compared with their indicative range of S$0.76-S$0.82, IFR said. Units of the REIT, sponsored by Shanghai-based Forchn Holdings Group, will be listed on July 28, IFR added.
An external spokesman for EC World declined to comment.
($1 = 1.3547 Singapore dollars) (Reporting by S. Anuradha of IFR; Additional reporting and writing by Aradhana Aravindan; Editing by Kenneth Maxwell)
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