SINGAPORE: Frasers Logistics & Industrial Trust, part of the business empire of Thai billionaire Charoen Sirivadhanabhakdi, is looking to raise as much as S$900 million (US$654 million or 23.3 billion baht) for its Singapore initial public offering, which would make it the biggest such share sale in the city-state since 2013.
The trust, backed by the real estate group Frasers Centrepoint Ltd, plans to offer units at 85 to 89 Singapore cents each, according to a prospectus filed on Friday with the regulator. It is forecast to offer a dividend yield of as much as 7% for fiscal 2016, and 7.5% for fiscal 2017, the prospectus shows.
At about S$900 million, the Frasers IPO would be the biggest first-time share sale in Singapore since Asian Pay Television Trust raised $1.4 billion in 2013, the data show.
An external spokeswoman for the trust declined to comment.
The offering attracted 15 cornerstone investors, including Morgan Stanley Investment Management, Affin Hwang Asset Management Bhd, Lion Global Investors Ltd, DBS Bank and JF Asset Management Ltd, the filing shows. They have agreed to subscribe to about 50% of the deal.
DBS and Citigroup are the global coordinators, according to the filing.
The 51 properties in the trust consist of assets acquired when Frasers Centrepoint bought Australand Property Group in 2014. The company’s Australian operations were its biggest revenue contributor in the year through September 2015, accounting for 44% of sales, data compiled by Bloomberg show.
Frasers Centrepoint, which had S$23.1 billion worth of total assets last year, develops and invests in property in Singapore, Australia and China, according to its website. It has already formed real estate investment trusts (REITs) in the hospitality, commercial and retail sectors.