Soilbuild looking to raise up to $642.8m through IPO of industrial property Reit
Property developer Soilbuild is seeking to raise up to $642.8 million by listing its industrial properties in a real estate investment trust on the Singapore Exchange.
Soilbuild Business Space Reit will offer 586.5 million units for sale as part of the Reit's initial public offering, according to a preliminary prospectus lodged with the Monetary Authority of Singapore on Tuesday.
Soilbuild has set a price range of between 77 cents and 80 cents for each unit. Projected distribution yields are as high as 7.8 per cent for next year.
Some 499 million of the units on offer will be placed to institutional and other investors, while another 87.5 million units will be offered to the public.