I Reit Global plans US$300m Singapore IPO

[SINGAPORE] I Reit Global Management, backed by office buildings in Germany, is preparing an initial public offering (IPO) in Singapore that may raise about US$300 million, sources with knowledge of the matter said.

The property trust has received listing approval from the Singapore Exchange and is testing investor demand for the sale, the sources said, asking not to be named as the process is private.

Shanghai Summit Property Development, led by Chinese real estate tycoon Tong Jinquan, may buy more than half of the IPO, they said. Calls to Shanghai Summit's main office went unanswered.