Mapletree Industrial Trust to raise S$1.2b from unit sales - 29 SEP 2010

Source

SINGAPORE: Mapletree Industrial Trust has planned to raise as much as S$1.2 billion in gross proceeds from a sale of its units.

It's launching the initial public offering (IPO) to retail, institutional and cornerstone investors

Mapletree Industrial Trust said it was offering 594.9 million units in its IPO.

In a prospectus filed with the Monetary Authority of Singapore, the trust said the unit would be priced between 88 and 93 cents per unit.

Of the 594.9 million units offered by Mapletree Industrial Trust, 488.77 million units are being offered to institutional investors and 106.15 million to the public.

The company will also sell an additional 322.58 million units to cornerstone investors.

The nine cornerstone investors include APG Tactical Real Estate Poll, American International Assurance and Prudential.

Mapletree Industrial Trust will use the proceeds to buy six properties in Singapore and to repay debt.

Its portfolio comprises 70 properties located in Singapore.

The IPO could raise S$1.2 billion, making it Singapore's second biggest this year.

It comes hot on the heels of a S$3.9 billion IPO planned by GIC's logistics unit, Global Logistic Properties (GLP).

GLP's public offer opens on October 11 and listing is scheduled for October 18, while Mapletree Industrial Trust's public offer opens October 13 with listing due on October 21.

But dealer at Phillip Securities Melvin Ho said he did not think GLP would steal the thunder from Mapletree Industrial Trust.

Mapletree Industrial Trust is a unit of Mapletree Investments which is owned by Temasek Holdings.

In June, Mapletree Investments had said it planned to launch two REITS: a commercial property trust and an industrial property trust.