Mapletree exploring $1.3b listing of student housing Reit here: Sources

Mapletree Investments is exploring listing a student housing real estate investment trust (Reit) in Singapore in a move that could raise about US$1 billion (S$1.3 billion), according to people familiar with the matter.

The property developer and manager, owned by Singapore's Temasek, is in preliminary discussions with prospective advisers on the plan, said the sources.

An initial public offering (IPO) could take place as soon as next year, said one of the people, who asked not to be identified as the information is private.

Any deal would add to the US$5.6 billion of property trust IPOs in Singapore over the last five years, data compiled by Bloomberg shows.

At US$1 billion, it would be the country's biggest Reit listing since 2013, when Mapletree North Asia Commercial Trust raised US$1.4 billion, the data shows.

Deliberations are ongoing and details of the offering could still change, the people said.

A spokesman for Mapletree Investments said in response to a query: "We are constantly reviewing options and will announce accordingly if we have firm plans."

Mapletree owns four Singapore-listed Reits and six private equity real estate funds, according to its latest annual report.

It had $60.5 billion in assets under management (AUM) as at the end of March last year. Its portfolio includes residential and industrial assets, data centres, retail space and lodging in 13 markets across Asia, Europe and the United States.

In 2019, Mapletree acquired two purpose-built student accommodation (PBSA) assets near Coventry University in Britain and completed its first student lodging development in the country.

These moves took its total PBSA assets to 50, with over 22,000 beds in 33 cities in Britain, the US and Canada, its annual report shows. Including projects under development, the total student accommodation AUM amount to approximately $3.6 billion.

Mapletree is looking at listing two Reits that could be backed by overseas assets in student accommodation and logistics, with a "sweet spot" for each IPO of about $2 billion, its group chief executive Hiew Yoon Khong has said.

BLOOMBERG