SPH REIT IPO Prospectus

INTRODUCTION TO SPH REIT
SPH REIT is a Singapore-based real estate investment trust (“REIT”) established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

  • IPO Price = $0.85-$0.90
  • Projected DPU Yield = 5.58%-5.79% (2013), 5.79% – 6% (2014)
  • Number of Units = 308,884,000  (Page 44 of SPH REIT IPO Prospectus)
  • NAV = Around S$0.89 –> IPO price is 0.9% Premium to the NAV.
  • Total Debt = 840,892,000 (Page 43 Balance Sheet of SPH REIT IPO Prospectus)
  • Total Asset = 3,116,166,000 (Page 43 Balance Sheet of SPH REIT IPO Prospectus)
  • Gearing Ratio = 27%

Check out how to analyse SPH REIT here.

Comparison Table of Singapore REITs.

 

SPH REIT Structure

SPH REIT Structure

 

Portfolio Summary

SPH REIT Portfolio Summary

 

SPH REIT - Paragon

 

SPH REIT - Clementi Mall

 Distribution Yield Forecast

SPH REIT - Distribution Yield Forecast

See detail SPH REIT IPO Prospectus.

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  1. Marubozu July 17, 2013

    SINGAPORE PRESS HOLDINGS LAUNCHES S$504 MILLION INITIAL PUBLIC
    OFFERING OF SPH REIT
    A HIGH QUALITY RETAIL PROPERTY PORTFOLIO, ANCHORED BY PARAGON,
    ONE OF SINGAPORE’S MOST ICONIC RETAIL MALLS
     Offering of 308,884,000 Units priced at the top end of the range at S$0.90
    per Unit
     Institutional investors’ indications of interest during the bookbuilding
    process amounted to approximately 42 times the number of Units offered
    under the Placement Tranche
     Offering Price represents a distribution yield of 5.79%1 for the Projection
    Year FY2014
    Singapore, 17 July 2013 – Singapore Press Holdings Limited (“SPH” or the
    “Sponsor”) is pleased to announce that its wholly-owned subsidiary SPH REIT
    Management Pte. Ltd., the manager of SPH REIT (the “REIT Manager”) has
    launched an initial public offering of Units in SPH REIT (“IPO” or the “Offering”)
    following the registration of its prospectus (the “Prospectus”) with the Monetary
    Authority of Singapore.
    The Offering of 308,884,000 Units, subject to an Over-Allotment Option2, consists of:
    (i) an international placement of 224,902,000 Units to investors, including
    institutional and other investors in Singapore (the “Placement Tranche”); and
    (ii) an offering of 83,982,000 to the public in Singapore (the “Public Offer”).

    Concurrently but separate from the Offering, SPH REIT has also secured S$226
    million worth of commitments from five quality cornerstone investors. Together, these
    investors have subscribed to a total of 251,000,000 Units (the “Cornerstone Units”).
    As a result of indications of interest received from institutional investors during the
    bookbuilding process, amounting to approximately 42 times the number of Units
    offered under the Placement Tranche, the Units have been priced at the top end of
    the offering price range at S$0.90 per Unit (the “Offering Price”).
    Based on the Offering Price, the Offering is expected to translate into forecast and
    projected distribution yields 1 of 5.58% and 5.79% for the Forecast Period 2H
    FY20132 and Projection Year FY20143, respectively.
    Upon listing, SPH REIT will be one of the largest retail REITs in Singapore by asset
    value, offering investors meaningful exposure to a high quality retail property
    portfolio.

    Read detail announcement here.
    http://infopub.sgx.com/FileOpen/RegistrationMediaRelease17July2013.ashx?App=Announcement&FileID=248065

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