Lotte Shopping postpones $1.25b Singapore Reit listing
Published on May 2, 2014 2:19 PM
SEOUL/HONG KONG (Reuters) - Lotte Shopping Co said it is postponing the listing of an up to US$1 billion (S$1.25 billion) real estate investment trust in Singapore, underscoring lacklustre appetite for initial public offerings (IPOs) in the city state.
The operator of South Korea's largest department store chain said in a regulatory filing it may reconsider the option if global financial market conditions improve, but is currently looking at a sale and lease back deal through a local public real estate fund as an alternative.
Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.
IPO deals in Singapore so far this year have had a slow start, just US$773.6 million compared to US$2.46 billion for the same period last year.
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