Frenzy as institutions flood into SPH Reit’s $400m IPO
The gamble paid off. After the market for Asian real estate investment trusts had been shut for the best part of a month, Singapore Press Holdings Reit this week reopened the sector with a S$504m ($397m) IPO that was 42 times subscribed in the institutional tranche.
The company priced its deal at the top of the S$0.85-S$0.90 price range on July 17, giving it a projected 2014 yield of 5.79%, a slight premium to the 5.6% at which its nearest comparable, CapitaMall Trust, is trading.
“It’s a quality asset with a quality sponsor,” said
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