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.