German office Reit with Chinese backer to raise S$369m in IPO

SINGAPORE'S first listed real estate investment trust (Reit) with office assets in Germany is set to make its debut this month with a S$369 million initial public offering that is heavily backed by a Chinese tycoon.

IReit Global Group is selling 167.73 million units at 88 Singapore cents per unit - an offer price that translates to a projected distribution per unit yield of 8 per cent next year, its prospectus yesterday showed.

The offering consists of an international placement of 156.37 million units to investors residing outside of the US, and a public offering of 11.36 million units in Singapore.