Frasers Logistics prices Singapore IPO at top end of range, to raise $666 mln (updated)

Manulife US Real Estate Investment Trust

10/06/2016 08:53

* Biggest Singapore IPO in three years 
    * IPO priced at S$0.89 per unit 
    * Listings boost for SGX after slump last year 
 
 (Adds details of listing, cornerstone investors) 
    SINGAPORE, June 10 (Reuters) - Frasers Logistics and 
Industrial Trust (FLT) is set to raise about S$903 million ($666 
million) after pricing its Singapore initial public offering at 
the top of its indicative range in the city-state's biggest new 
listing in three years.     
    The real estate investment trust (REIT), backed by 
Australian properties, said in a filing on Friday that it is 
selling 521.7 million units - priced at S$0.89 apiece - to 
institutions and retail investors. Cornerstone investors are 
buying another 492.8 million units.  
    The listing follows Manulife US REIT's  MANU.SI  $519.2 
million sale last month, helping revive IPOs on the Singapore 
Exchange  SGXL.SI  after a slump last year. The offer was 
oversubscribed by a factor of six, and more than 120 
institutional investors participated, according to Thomson 
Reuters publication IFR.  urn:newsml:reuters.com:*:nS7N18200B 
    Cornerstone investors include BlackRock Funds, DBS Bank Ltd, 
Morgan Stanley Investment Management Company and Nikko Asset 
Management Asia, FLT said in its filing. 
     The REIT is sponsored by real estate developer Frasers 
Centrepoint Ltd  FRCT.SI , backed by Thai tycoon Charoen 
Sirivadhanabhakdi.  
    FLT is due to start trading on the Singapore bourse on June 
21.  
    ($1 = 1.3557 Singapore dollars) 
 
 (Reporting by Aradhana Aravindan and Saeed Azhar Additional 
Additional reporting by S. Anuradha of IFR; Editing by Kenneth 
Maxwell) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: FRASERS LOGISTICS IPO/