(July 10): A group including JD.com Inc’s asset management arm and Switzerland’s Partners Group Holding AG is preparing to file confidentially for an initial public offering (IPO) of a real estate investment trust (REIT) in Singapore, people with knowledge of the matter said.
The REIT, which will also have Southeast Asian assets of Hillhouse-backed EZA Hill Property Management Pte Ltd, could raise about $1 billion in an IPO, Bloomberg News reported in March. Bank of America Corp, DBS Group Holdings Ltd and UBS Group AG are working on the deal.
A draft registration is likely to soon be submitted to the Monetary Authority of Singapore and local stock exchange, according to the people, who asked not to be identified because the information is not public. Considerations are ongoing and timings might change, they said.
A representative of Partners Group declined to comment. EZA and the JD unit — JD Property — did not respond to emailed requests for comments.
A listing of that size would be a boost for Singapore, where US$1.1 billion ($1.4 billion) has been raised in IPOs this year. Blackstone Inc-backed AirTrunk is also aiming for a REIT IPO to fetch about US$1.5 billion, Bloomberg has reported.
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