Extract fm Press Release at MapleTree Website,
MAPLETREE LOGISTICS TRUST LAUNCHES INITIAL PUBLIC OFFERING
• Offering of 310,877,000 units in MLT (“Units”)
• Price range of S$0.63-S$0.68 per Unit
• Expected distribution yield of at least 6.0%
• Public offer opens Tuesday, 19 July 2005 and closes Friday, 22 July 2005
Singapore, 18 July 2005 – Mapletree Logistics Trust (“MLT”), the first Asia-focused logistics real estate investment trust (“REIT”) in Singapore, has launched its initial public offering of units in MLT (the “Offering”). The prospectus relating to the Offering has been registered by the Monetary Authority of Singapore today.
A total of 310,877,000 Units are being offered for subscription at the offering price range of between S$0.63 and S$0.68 per Unit. The Offering consists of (i) an international placement to investors, including institutional and other investors in Singapore (“Placement Tranche”), and (ii) a public offer of a minimum of 30,000,000 Units to retail investors in Singapore (“Public Offer”), of which 17,697,000 Units are reserved for subscription by the directors, management, employees and business associates of Mapletree Investments Pte Ltd and its subsidiaries.
The Public Offer opens at 8.00 a.m. on Tuesday, 19 July 2005 and closes at 8.00 a.m. on Friday, 22 July 2005. The Units are expected to commence trading on Singapore Exchange Securities Trading Limited at 9.00 a.m. on Thursday, 28 July 2005 (the “Listing Date”).
Prospectus here
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Monday July 18, 5:48 PM
Singapore Mapletree REIT To Focus On Regional Expansion
SINGAPORE (Dow Jones)--Mapletree Logistics Trust, which launched its initial public offering Monday, intends to diversify beyond Singapore to grow its portfolio and increase yields.
The real estate investment trust is selling 310.9 million units at an indicative price range of S$0.63 to S$0.68 a unit. Pricing will take place after the offer closes on July 22, and the units will start trading on the Singapore Exchange on July 28.
Mapletree Investments Pte. Ltd., a wholly owned unit of Temasek Holdings Pte. Ltd., Singapore's state-owned investment company and the IPO sponsor, will own 38.5% of the REIT after the IPO.
Should an overallotment option be exercised in full, Mapletree Investments' stake will fall to 30%.
Outlining Mapletree Logistics' strategy at a press briefing, Chief Executive Chua Tiow Chye said the REIT is positioning itself as an "Asia-focused logistics trust" with assets across the region. This would involve "following the clients" as the REIT expands its operations from Singapore into the Asia-Pacific region and tapping the pipeline offered by Mapletree Investments.
According to Mapletree Logistics, "the sponsor is committed to support the growth of MLT (Mapletree Logistics) by undertaking development of logistics properties or acquiring assets that fit within MLT's investment strategy but which might not be immediately suitable for acquisition by MLT."
Mapletree Logistics currently has a portfolio of 15 logistic properties in Singapore valued at S$422 million.
Based on the indicative price range, Mapletree Logistics will provide investors with an annualized distribution yield of 6.0%-6.3% this year and 6.2%-6.5% next year, which is higher than the 4.5%-5.0% forecast yields offered by the five REITs that are already listed in Singapore.
DBS Bank, a unit of DBS Group Holdings Ltd. (D05.SG), and UBS AG are the joint financial advisers, underwriters and bookrunners of the Mapletree Logistics IPO.
I think the recent keen interest in REIT counter has contributed issuer to get a high return for their properties. When REIT counter started in Singapore, it has to offer at a discount to attract interest. CaptiaMall even has to scrap it IPO idea before it because a success. It may be 5x-6x over-subscribed.
I agree with you KK. I think the public offer will be highly oversubscribed. Alot of people is interested in this stock. Alot of new hits on this blog site is due Yahoo search result. No wonder the counter has been increasing at a much faster rate on this blogsite. We must thank Mapletree for that. Based on the search result, the hit count for this IPO is even higher then the previous STX IPO. If you are going to apply for this IPO, remember to apply soon as possible as the deadline is tomorrow 8 A.M. A funny end time as well. Normally, it is 12 noon.
I had applied for the Mapletree IPO. Now have to wait till Monday to know the ballot result. For those intent to use UOB internet banking to apply, please do so before 9.30pm today or else you have to go to ATM machine to apply.
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