Viva Industrial Trust to raise $365m via IPO, cornerstone sale
Singapore
VIVA Industrial Trust, a stapled group that will have an initial portfolio of three industrial properties in Singapore valued at $743 million, is seeking to raise a total sum of about $365 million through an initial public offering (IPO) as well as through a sale of units to cornerstone investor Summit Group, controlled by Chinese real estate tycoon Tong Jinquan.
Units in the trust will be priced at 78 cents apiece. The trust is expected to be listed in early November.
Under the preliminary prospectus for the IPO lodged yesterday, Viva Industrial Trust's forecast distribution yield is 8.81 per cent for the year ended Dec 31, 2014, and 9.02 per cent for FY2015. However, excluding the effects of rental support for UE BizHub East and Technopark@ Chai Chee as well as the master lease for Mauser Singapore, the distribution yield figures would be lower at 6.14 per cent for FY2014 and 6.65 p…
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