Soilbuild Group Holdings Ltd., a
Singapore developer, is considering an initial public offering
of its industrial properties, said three people with knowledge
of the matter.
Soilbuild, run by Lim Chap Huat, may list the properties as
a real estate investment trust in the city-state, said the
people, asking not to be identified as the plans are private.
The IPO may take place in the second half of 2013 and could
raise about S$500 million ($404 million), two people said.
The company, founded in 1976 as a residential developer,
expanded into building offices and factories eight years ago,
and now has about 6.3 million square feet of industrial space,
according to its website. Lim Cheng Hwa, Soilbuild’s director of
capital management, declined to comment on the potential IPO.
Real estate investment trusts have raised $8.3 billion in
Singapore share sales over the last three years, data compiled
by Bloomberg Show. The 24-member FTSE Straits Times REIT Index
is up about 40 percent in that period. Mapletree Industrial
Trust, which owns business parks, factories and warehouses, has
risen almost 50 percent since its S$853 million IPO in October
2010, the data show.
The Singapore government last month imposed as much as 15
percent in stamp duties on sellers of industrial properties such
as warehouses and logistic buildings to curb speculation, after
prices doubled in the past three years and outpaced the increase
in rents. The REIT Index has advanced 2.5 percent since the
measures were announced.
Soilbuild raised S$10.7 million in an IPO in 2005, selling
shares at 31 Singapore cents apiece, and was taken private by
Lim five years later at 80 Singapore cents a share.
To contact the reporter on this story:
Joyce Koh in Singapore at
jkoh38@bloomberg.net
To contact the editor responsible for this story:
Philip Lagerkranser at
lagerkranser@bloomberg.net
Singapore"s Soilbuild Said to Plan Industrial Property REIT IPO
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