Media group Singapore Press Holdings (SPH) has priced the initial public offering (IPO) of its real estate investment trust (Reit) at the top end of an earlier indicated range, it said on Wednesday.

SPH Reit is selling about 560 million units at 90 cents apiece, raising a total of $504 million.

The offer price represents a projected distribution yield of 5.58 per cent for the second half of the 2013 financial year, which lasts from Mar 1 to Aug 31 this year.

It also represents a yield of 5.79 per cent for the 2014 financial year, which will be from Sept 1 this year to Aug 31 next year.

Of the units being sold, 251 million will go to cornerstone investors, who have committed to paying $226 million for their share.

Another 225 million units will be placed to institutional and other investors, SPH said. Institutional investors have already indicated interest amounting to 42 times the number of available placement units during the bookbuilding process, it added.

The remaining 84 million units will be offered to the public in Singapore. The public offer will open at 6pm on Wednesday, July 17 and close at noon on Monday, July 22.

Listing and trading of the Reit's units on the Singapore Exchange is expected to start at 2pm on Wednesday, July 24.

"Upon listing, SPH Reit will be one of the largest retail Reits in Singapore by asset value, offering investors meaningful exposure to a high quality retail property portfolio," SPH said in a statement. The Reit will comprise the group's Paragon and Clementi Mall retail buildings.