SINGAPORE, Feb. 15 (Xinhua) -- Mapletree Investments, a Singapore-based real estate development, investment and capital management company, said on Friday that they have lodged a preliminary prospectus for Mapletree Greater China Commercial Trust on Friday.
According to the company's announcement on its website, the trust will be managed by Mapletree Greater China Commercial Trust Management, a subsidiary of the Mapletree Investments.
The trust is said to be used to raise between 1.59 billion Singapore dollars (1.29 billion U.S. dollars) and 1.68 billion Singapore dollars (1.36 billion U.S. dollars) from the initial public offering (IPO), aiming at investment in the Greater China region, including malls in Hong Kong and the mainland China.
The real estate investment trust (REIT) is scheduled to list in Singapore Exchange on March 7, which may become the city-state's largest initial public offering in two years. Last year, Motor sport racing company Formula One delayed its Singapore IPO worth up to 3 billion U.S. dollars due to weak markets.
The trust will offer totally 776.6 million units in this IPO to institutional investors and to the public, with expected price between 88 and 93 cents per unit. Among them, 215 million units, or 28 percent of the total units, will be offered to the public.
It will also sell an additional 953.5 million units to cornerstone investors, including Norges Bank Investment Management, AIA, CBRE, Henderson and Morgan Stanley Investment Management.
The company said the REIT's portfolio includes retail and office developments of the Festival Walk in Hong Kong and the Gateway Plaza in Beijing.
Owned by the city-state's Sovereign Wealth Fund Temasek, Mappletree Investment now have three REIT in total. As of the end of last March, the company owned and managed 19.9 billion Singapore dollars (16.1 billion U.S. dollars) worth of office, logistics, industrial, residential, retail and mixed-use properties across Asia.
Its portfolio includes VivoCity in Singapore and some projects in China. The Great China represents one of the company's biggest market overseas, accounting for 29 percent of its total portfolio, with approximately 5.7 billion Singapore dollars (4.6 billion U.S. dollars).
The company began its business in China in 2005, with initial investments mainly in logistics.