CDL confirms applications have been made for S-Reit IPO

CITY Developments Limited (CDL) has confirmed an earlier Bloomberg report that it had applied for an initial public offering (IPO) of a Reit with commercial assets located in the UK, to be listed on the mainboard of the Singapore Exchange (SGX).

In a filing on Friday morning, the property giant said that relevant applications have been made to various regulatory authorities, including the SGX-ST and the Monetary Authority of Singapore.

Its proposed IPO and listing of the Reit are subject to market conditions, among others.

"The company wishes to reiterate that no decision has been made as to whether the transaction will take place and there is currently no certainty that the company will proceed with the offering," CDL said.

Bloomberg on Thursday reported that the IPO could raise some £500 million (S$940 million) on the Singapore Exchange. Citing unnamed sources, it said the Reit aims to list in Q3 of 2021 and will have a portfolio size of about £1.8 billion.

CDL shares closed S$0.12 or 1.6 per cent higher at S$7.83 on Thursday.