For those who has no idea what's going on:
Singapore Mapletree REIT To Focus On Regional Expansion
SINGAPORE (Dow Jones)--Mapletree Logistics Trust, which launched
its initial public offering Monday, intends to diversify beyond
Singapore to grow its portfolio and increase yields.
The real estate investment trust is selling 310.9 million units at
an indicative price range of S$0.63 to S$0.68 a unit. Pricing will
take place after the offer closes on July 22, and the units will
start trading on the Singapore Exchange on July 28.
Mapletree Investments Pte. Ltd., a wholly owned unit of Temasek
Holdings Pte. Ltd., Singapore's state-owned investment company and
the IPO sponsor, will own 38.5% of the REIT after the IPO.
Should an overallotment option be exercised in full, Mapletree
Investments' stake will fall to 30%.
Outlining Mapletree Logistics' strategy at a press briefing, Chief
Executive Chua Tiow Chye said the REIT is positioning itself as an
"Asia-focused logistics trust" with assets across the region. This
would involve "following the clients" as the REIT expands its
operations from Singapore into the Asia-Pacific region and tapping
the pipeline offered by Mapletree Investments.
According to Mapletree Logistics, "the sponsor is committed to
support the growth of MLT (Mapletree Logistics) by undertaking
development of logistics properties or acquiring assets that fit
within MLT's investment strategy but which might not be immediately
suitable for acquisition by MLT."
Mapletree Logistics currently has a portfolio of 15 logistic
properties in Singapore valued at S$422 million.
Based on the indicative price range, Mapletree Logistics will
provide investors with an annualized distribution yield of
6.0%-6.3% this year and 6.2%-6.5% next year, which is higher than
the 4.5%-5.0% forecast yields offered by the five REITs that are
already listed in Singapore.
DBS Bank, a unit of DBS Group Holdings Ltd. (D05.SG), and UBS AG
are the joint financial advisers, underwriters and bookrunners of
the Mapletree Logistics IPO.
See their Website at :
http://www.mapletree.com.sg/news/news.html#
