Source : The Business Times, October 18, 2007
Tokyo-based Asia Pacific Land Group aims to raise up to $515 million (US$350 million) by listing a real estate investment trust (Reit) in Singapore, the company said on Thursday, confirming an earlier Reuters report.
The unlisted property firm is offering 411.9 million units through an international placement and a public offering at between $1.05 and $1.25 each, according to a prospectus.
The trust is based on a portfolio of nine shopping and office properties in Japan valued at about 66 billion yen (US$567 million).
'Japan represents one of the few mature real estate markets globally where opportunities exist to acquire quality real estate assets at an attractive spread to the cost of debt,' it said.
Asia Pacific Land, which has operated in Japan for more than eight years, has 100 billion yen in assets.
JPMorgan and Lehman Bros are arranging the initial public offering, which would be the first Singapore-listed property trust by a Japanese sponsor. -- REUTERS
Subscribe to:
Post Comments (Atom)
.jpg)
No comments:
Post a Comment