SINGAPORE (July 22): In the last half year, the largest IPOs on the Singapore market have been three real estate investment trusts with US assets. The next few large IPOs are also likely to be S-REITs with US assets. For instance, Mapletree Investments is believed to be studying how best to list its portfolio of student housing. Ascendas-Singbridge, now part of CapitaLand, is still studying options with its suburban campus-style office portfolio that could either fit into Ascendas REIT or turn into a standalone REIT.
Further out, most likely next year, one of the sponsors of an S-REIT with US assets is looking to list a REIT with aged care assets. Wire services have carried market talk that a grocery retail type REIT could also be listed on the Singapore Exchange. A UK REIT with office assets is also believed to be studying a listing in Singapore.
Mapletree Investments, CapitaLand, Frasers Property, Keppel Corp and ARA Asset Management are local companies and it is natural that they would list their REITs on the local market. But why have names such as KBS and Urban Commons decided that Singapore is a good listing venue for REITs with US assets?