REIT Watch: Singapore Press Holdings Eyes S$523 Million REIT IPO
**Singapore Press Holdings Plans to Raise S$523 Million in IPO**
iNVEZZ.com Tuesday July 9th: Singapore Press Holdings is planning to raise at least S$523 million (₤275 million) by spinning off some of its property assets into a real estate investment trust, according to a prospectus filed today with the Singapore Exchange.
SPH REIT intends to offer 559.9 million shares at between S$0.85 and S$0.90 with an over-allotment option of 56 million additional shares.
SPH REIT’s assets will include the luxury Paragon mall in Orchard Road and the suburban Clementi Mall, which have a combined value of S$3.07 billion (₤1.62 billion). Singapore Press said in May that it would retain about 70 percent ownership of the real estate investment trust and the proceeds from the IPO would go towards funding the group’s growth and a special dividend.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it would “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse is the sole global coordinator and issue manager of the IPO and is also an underwriter along with DBS Bank and Oversea-Chinese Banking Corporation.
**New York Recovery REIT Buys Manhattan Property for $90.8 Million**
American Realty Capital New York Recovery (NYRR), a real estate investment trust focused on acquiring high-quality office and retail properties in the New York metropolitan area, announced today that it had acquired a three-storey office condominium located at 50 Varick Street in the Tribeca neighbourhood of Manhattan. The property has 158,573 sq. ft. of rentable area and is 100 percent leased to a subsidiary of Spring Studios Limited. The REIT paid $90.8 million (₤61.12 million) for the building.
!m[New York Recovery REIT Buys Manhattan Property for $90.8 Million](/uploads/story/3813/thumbs/pic1_inline.jpg)
“With the addition of this asset, we have created a portfolio totalling near $800 million (₤538.5 million), including properties owned and announced for purchase,” Michael A. Happel, NYRR chief investment officer, said in a statement. “We remain focused on acquiring first-class New York City assets leased to top-quality tenants with yields that are accretive to our distributions.”
**Select Income to Pay S0.44 Quarterly Dividend**
Select Income REIT, a real estate investment trust with a portfolio of properties that are primarily net leased to single tenants, announced today that it would distribute a dividend of $0.44 per common share for the current quarter. All shareholders of record as of the close of business on July 24 will be eligible to receive the dividend, which will be paid on or about August 20.
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