Photo: Bloomberg
City Developments Ltd has filed an application with the Singapore Exchange to launch the IPO of a REIT.
The developer is looking to raise around 500 million pounds ($936.6 million) from this IPO, reported Bloomberg, citing unnamed sources.
The REIT will have a portfolio size of about 1.8 billion pounds and is slated to list in the third quarter this year.
Last month, Bloomberg reported that the Qatar Investment Authority is in talks to inject HSBC’s London headquarters building (picture) into a planned property trust being listed by CDL, thereby raising the value of this planned REIT to 1.8 billion pounds from 600 million pounds.
Other existing REITs linked to CDL are CDL Hospitality Trusts, which holds 18 hotel properties worth around $2.9 billion, as well as IREIT Global, which holds a clutch of office properties in Continental Europe worth around €719.6 million.
