Sasseur Reit plans up to $600 million IPO in March

Sasseur Group is planning to list Sasseur Reit on the Singapore Exchange in March, with the IPO expected to raise between $500 million to $600 million.
Sasseur Group is planning to list Sasseur Reit on the Singapore Exchange in March, with the IPO expected to raise between $500 million to $600 million.PHOTO: ST FILE

SINGAPORE - Sasseur Group, a Shanghai-based developer of outlet malls which last year pushed back plans for a Reit listing here, has begun gauging investor interest again with plans to list Sasseur Reit in March.

The initial public offering (IPO) could raise between $500 million to $600 million and Sasseur Reit would have a market cap of $1 billion upon its debut, according to a term sheet.

The Reit promises an indicative yield of 7 per cent in 2018 and mid-7 per cent in 2019, and would be the first outlet mall Reit to be listed on the Singapore Exchange.

Sasseur Reit's IPO portfolio will comprise four retail outlet malls in China valued at about $1 billion, it said last year.

Based on Sasseur's indicative timeline, the IPO prospectus will be lodged on March 1, ahead of the listing on March 29.

DBS Bank, Bank of China, Citibank and Maybank Kim Eng are the joint bookrunners.