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)
Compare EC World REIT with other Singapore REITs here.
See EC World REIT IPO Prospectus here.
- Type = Industrial (China)
- Sponsor = Forchn Holdings Group (41% to 45% shares)
- Total Unit Offered = Between 172,368,700 and 191,046,300 Units
- IPO Offer Price = Between S$0.76 to S$0.82
- NAV = $0.88
- Price / NAV = between 0.8636 to 0.9318
- Distribution Yield = 7.0% (2016), 7.2% (2017) at Maximum Offer Price
- WALE = 4.6 Years
- Occupancy Rate = 92.3%
- Gearing Ratio = $391.195 Million / $1,303.443 Million = 30.0%
- Plan Listing: July, 2016
Compare to other Singapore REITs here.