Singapore Press Holdings Ltd had announced last Monday that it is planning to list two shopping malls worth Sing$3.07 billion or US$2.43 billion through a real estate investment trust listing. The tentative schedule for the public listing of the REIT is July of this year.
The firm is planning to hold at least 70% of the units in the SPH REIT. The assets to be included in the listing would be the Paragon shopping mall located in the prime Orchard shopping area as well as the Clement Mall located in a western suburb.
The publishing and property firm based out of Singapore is planning to distribute a value of Sing$0.18 per share as special dividend to its shareholders after it has completed the listing of the REIT. Aside from the special dividend, the proceeds of the IPO REIT listing would be used for corporate day to day operations.
According to IFR, a Thomson Reuters publication outfit, the joint bookrunners of the IPO are Credit Suisse, DBS and Oversea-Chinese Banking Corp.
Join the Conversation