Singapore industrial property plays such as Cache Logistics Trust (K2LU.SG), Mapletree Logistics Trust (M44U.SG), Ascendas REIT (A17U.SG), Cambridge Industrial Trust (J91U.SG) may fall as Global Logistic Properties’ mega IPO could drain liquidity from these stocks, says Dow Jones.

Unit of Government of Singapore Investment Corp. offering 1.17 billion shares at $1.78-$1.96 each, with another 588.98 million shares to be sold to cornerstone investors. Based on mid-point of indicative pricing, company could raise at least $3.1 billion in net proceeds.

IPO ends Oct 14, with trading expected Oct 18. Another mega IPO, Mapletree Industrial Trust, likely to take off around same time, which could further depress existing industrial plays.

“Stocks in related sectors could be adversely impacted as investors seek funding when participating in some of these IPOs,” says Credit Suisse. Cache +1.0% at $0.985, Mapletree Logistics –1.7% at $0.875, Ascendas flat at $2.18, Cambridge Industrial +0.9% at $0.55.