Tuesday, April 23, 2013

Croesus Retail Trust Prices Up to US$300M Singapore IPO at S$0.93/Unit

Croesus Retail Trust Prices Up to US$300M Singapore IPO at S$0.93/Unit - Sources

(DJ) SINGAPORE--Croesus Retail Trust, a real-estate investment vehicle backed by Marubeni Corp. (8002.TO) and Daiwa House Industry Co. (1925.TO), has priced its planned initial public offering at 93 Singapore cents (75 U.S. cents) per unit, people with knowledge of the deal said Wednesday, setting up a flotation worth about US$300 million in Singapore.

The deal would be Singapore's second-biggest IPO this year, after Mapletree Investments Pte. Ltd.--a unit of Singaporean state-investment firm Temasek Holdings Pte. Ltd.--completed in March a US$1.3 billion offering for a China-focused real-estate investment trust.

Croesus Retail Trust, which would own Japanese shopping malls in its portfolio, could file its preliminary IPO prospectus to the Singapore central bank later Wednesday, before starting roadshows Thursday, the people said.

The trust had revived its plan for a Singapore listing in recent weeks, after shelving it in November amid weak market conditions and tepid investor demand.

Its fresh push for a listing comes after stock markets improved worldwide, especially in Southeast Asia, leading to companies like Croesus renewing equity-raising plans. Recent successes in share sales by other companies in the region have also been supporting sentiment.

If Croesus' IPO is successful, it would become the first Japanese company focused on retail property to list in Singapore, and the second Japanese company after Saizen REIT (DZ8U.SG), which listed its residential properties in a 2007 share sale that raised about S$197 million.

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