Agent.sg / Property news / CityDev banks on DBS, OCBC to help in $700 mil UK assets REIT IPO

CityDev banks on DBS, OCBC to help in $700 mil UK assets REIT IPO

Fresh property news selection on March 13. 2020, Friday.

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City Developments has selected banks to help with a potential listing on the Singapore stock exchange of its UK commercial properties, according to people familiar with the matter.

The homebuilder is working with DBS Group Holdings and Oversea-Chinese Banking Corporation on the planned initial public offering, said the people, who asked not to be named as the information is private. The company is considering listing the assets as a real estate investment trust as soon as by the end of this year, and could raise as much as $700 million, the people said.

City Developments will be joining companies such as Singapore Press Holdings and Hong Kong developer Far East Consortium International in seeking REIT listings on the city-state’s benchmark exchange this year. Singapore has hosted US$2.6 billion ($3.6 billion) of property trust IPOs over the last 12 months, according to data compiled by Bloomberg.

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