(Corrects currency in paragraph 11 of the story published April 18).
April 18 (Bloomberg) - Mapletree Commercial Trust, the owner of properties, including VivoCity shopping mall Singapore, s raised 893.2 million dollars (718 million dollars) in an initial public offering.Mapletree Commercial sold shares at s $0.88 per unit, with their marketed to investors to s $0.84 to s $0.91 each, according to a statement of media by electronic mail. The trust, a unit of Mapletree Investments Pte, belonging to the business of investment Singapore State Temasek Holdings Pte, delayed his initial in city public offer month last due to the volatility of markets.The sale offers a "single exposure to the first Singapore, a stable and resilient portfolio assets and a platform for growth unparalleled," Amy Ng, chief executive officer of the Trust Manager, said at a Conference in Singapore today. If an over-allotment option fully exercised, about S 983 million will be triggered, she said.Mapletree Commercial is selling shares after the record economic growth of Singapore led office rents and retail higher for at least three quarters straight, lift a decline in 2009. The benchmark Straits Times Index, which lost more than 4.5 per cent in the week after the strongest earthquake of the Japan on March 11, has since recovered and has exceeded the levels before the temblor.YieldThe increase the final price of s $0.88 corresponds to a yield of distribution of approximately 5.7% for the fiscal year to March 2012, based on the estimation of dividend of 4.98 Singapore cents per unit trust, in accordance with the statement. The performance of distribution will grow to 6.2% the following year.Performance forecasts growth does not take into account future acquisitions that the trust can do, or no improvement in existing assets such as Gipsy, said Ng.Mapletree Commercial can reach its portfolio of 5.1 million square feet of the net assets of laudable, is worth about S $ 3 billion, 6.9 million square feet under the law of the first Convention of refusal, with Mapletree Investments, said.Of the total offering, approximately 30 per cent went to four investors of cornerstone - AIA Group Ltd., Hillsbro Capital Ltd., Itochu Corp., and NTUC FairPrice Co-operative Ltd. - who have purchased a combined S 266 million, according to the Declaration. The most important was Asian life insurer AIA, which purchased approximately s $ 121 million units and held 7.4 percent of the trust at registration.VivoCityAbout 16% of the units have been reserved for Singapore retail investors who will be able to subscribe through a distinct offer that opens tomorrow and extends to April 25, said the statement. Units will begin trading on April 27 and the sale was managed by Citigroup Inc., DBS Group Holdings Ltd., Goldman Sachs Group Inc., Deutsche Bank AG and CIMB Group Holdings Bhd.VivoCity is the best asset of the trustwho make up 76 per cent of its revenues. Funds raised from the sale of the unit will be used to buy Bank of America Merrill Lynch HarbourFront and PSA Building, two developments of Office in the southern part of Singapore belonging to Mapletree Investments.Vivocity drew 43.6 million visitors in 2010, or an increase of 9.9% 2009, while retail sales increased 12.3% for s 741.7 million, said Ng. separately, Mapletree Investment Group Chief Financial Officer Wong Mun Hoong said at the briefing today that funds of China of the company is not sufficiently mature to an initial short-term public offer.-Editors: Philip Lagerkranser, Linus Chua
To contact the reporter on this story: Katrina Nicholas in Knicholas2@bloomberg.net
To contact the editor responsible for this story: Lars Klemming to the lklemming@bloomberg.net
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