The offer price for the first Reit denominated in British pounds to list here has been set at £0.68 per unit.
With this price, Elite Commercial Reit's proposed Singapore initial public offering (IPO) will raise around £119.5 million to £131.2 million (S$209.3 million to S$229.7 million), based on a total offering size of 175.7 million to 192.9 million units, according to a term sheet yesterday seen by The Business Times.
It will follow four foreign commercial Reits that listed in Singapore last year - ARA US Hospitality Trust, Eagle Hospitality Trust, Prime US Reit and Lendlease Global Commercial Reit.
Elite Commercial Reit has an initial portfolio comprising 97 mainly freehold properties in Britain with a total appraised value of £319.1 million.
A quarter of the properties - by rental income - are in London, with the rest in second-and third-tier cities across Britain, including Glasgow and Cardiff.
The Reit's sponsors are Elite Partners Holdings, the investment holding firm for Elite Partners Group, Ho Lee Group and Sunway RE Capital, a wholly owned subsidiary of Sunway, one of Malaysia's largest conglomerates.
The IPO's Singapore public offer will run from Jan 28 to Feb 4, and is expected to raise "at least" £3.3 million to £3.9 million, equivalent to some 3 per cent of the total offering size, the term sheet stated.
THE BUSINESS TIMES