Bookrunners DBS, JPMorgan and Salomon Smith Barney began pre-marketing a potentially S$240 million $133 million offering for Ascendas Real Estate Investment Trust A-REIT yesterday Wednesday. The trust is a joint venture between Singapore's Ascendas Land, held by government-owned JTC Corp and Macquarie Goodman Industrial Management, Australia's largest industrial REIT manager.
On a like-for-like basis, A-REIT is being pitched in line with Singapore's first REIT, CapitaMall, which raised S$235 million in late July. The chief difference between the two is that while CapitaMall is structured around shopping malls, A-REIT holds eight industrial property assets.
At S$0.96 per unit, CapitaMall was sold on a dividend yield of 7.06% and closed...
