Mapletree Industrial Trust, controlled by Temasek Holdings, will raise $853 million in an initial public offering to repay debt and buy properties in Singapore.

The real estate investment trust is selling shares at 93 cents each, it said in a prospectus filed today with the Monetary Authority of Singapore. The price is the top end of the 88-to-93 cents range at which the shares were offered to investors.

 

Mapletree Industrial, led by Chief Executive Officer Tham Kuo Wei, will have assets worth about $2.2 billion on the listing date of Oct. 21. Its portfolio includes 70 business parks, factories and industrial buildings in Singapore, according to the document.

 

There are still many acquisition possibilities in Singapore, though the company would also consider expanding into China, Japan, Malaysia and Vietnam, Tham said at a briefing in Singapore today.

 

“Three quarters of the universe of industrial properties is currently in private hands,” Tham said of the Singapore market. “Not all assets are suitable for the trust, but there’s enough in the market for us to look at and consider.”

 

The company has an over-allotment option to expand the sale by 91.7 million units, and an agreement by Mapletree Investments Pte, Temasek’s real estate unit, to subscribe for 359.5 million units, according to the prospectus.

 

Citigroup Inc., DBS Group Holdings, Goldman Sachs Group Inc. and Standard Chartered Plc are arranging the sale.

 

Global Logistic Properties, the overseas warehousing unit of Government of Singapore Investment Corp., yesterday said it set the price of its share sale at $1.96 each, putting it on course to raise $3.45 billion in Singapore’s biggest initial public offering since 1993.