JD.com-backed group picks banks for IPO of Singapore Reit: sources

[SINGAPORE] A unit of e-commerce company JD.com and partners have picked financial advisers including Bank of America, DBS Group Holdings and UBS Group for an initial public offering of their Singapore-based real estate investment trust, according to people with knowledge of the matter.

The Reit, which will feature South-east Asian assets of JD Property, Swiss investment firm Partners Group Holding and Hillhouse-backed EZA Hill Property Management, could raise about S$1 billion in an IPO, the people said, asking not to be identified because the process is private.

The listing may take place as soon as this year, one of the people said. However, deliberations are ongoing and the details have not been finalised.

JD.com, Partners and EZA Hill did not respond to requests for comment. Representatives for BofA, DBS and UBS declined to comment.

A listing of the Reit would be a boost to Singapore’s IPO market, where US$829 million has been raised in listings so far this year, compared with nothing in the first quarter of 2025, data compiled by Bloomberg show. In the end, US$1.9 billion was raised last year, the highest since 2019.

Reuters reported in August that JD Property, Partners and EZA Hill were potentially setting up a Singapore Reit and an IPO may happen this year. BLOOMBERG