Sabana REIT to raise S$696.1m through IPO - 10 NOV 2010

Source

SINGAPORE: Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) said it planned to raise up to S$696.1 million through an initial public offering (IPO), according to a prospectus it has filed with the Monetary Authority of Singapore (MAS).

It said it planned to sell 632.8 million units, with each unit priced between S$1 and S$1.10.

If successful, this would make it the first Shari'ah-compliant listing in Singapore.

The Singapore-based REIT invests mainly in industrial properties in Asia, as well as other real estate-related assets that are Shari'ah compliant.

The initial property portfolio of the REIT will comprise 15 industrial properties in Singapore with a gross floor area of 3.3 million square feet.

According to agency reports, the roadshows for the IPO will start on Tuesday. Listing is planned for this month.

Author's Note
The preliminary prospectus for Sabana Reit is now available in the MAS Opera website. For Reits, you should click on the "Latest" link under  "Collective Investment Scheme Offers".

From the prospectus, the Sponsor of the Reit is Freight Links Group, which is also listed in SGX. Following is a short description of the group from the prospectus:
"Established in 1981 and listed on the SGX-ST in 1995, the Freight Links Group is a leading international total logistics solutions provider with a strong presence in Singapore and the Asia Pacific region."