Lippo-Mapletree Indonesia Retail Trust, controlled by Indonesia’s Lippo Group, plans to raise up to US$390 million ($572 million) in an initial share offering in Singapore. Shares will be sold at between 78 and 91 cents each, according to BNP Paribas, joint arranger of the sale.
The trust, which offers a yield of between 6.4 and 7.5 per cent, is expected to start trading in Singapore on Nov 21.
Lippo Karawaci, Indonesia’s biggest publicly-traded real estate developer by assets, will hold 27 per cent of the trust after the share sale, while Singapore’s Mapletree Investments will own 12 per cent.
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