SINGAPORE (Mar 9): Sasseur REIT, the operator of China malls, on Wednesday submitted its listing prospectus to the Monetary Authority of Singapore (MAS).
The REIT is part of Shanghai-based developer and operator of retail outlet malls Sasseur Group, which runs nine outlet malls in eight major Chinese cities.
The REIT plans to raise $396 million in its initial public offering (IPO) that comprises 495 million units, representing. 42% of the issuer’s post-listing stock of 1.18 billion units, at 80 cents per unit, giving it a potential market cap of $944.2 million.
The offer also has a 35.4 million unit over-allotment option.
Sasseur REIT’s IPO portfolio comprises four Chinese outlet malls that are valued at a total of $1.5 billion.
The REIT’s IPO has attract a list of 12 cornerstone investors, one of the highest in SGX IPO in recent times.
Adroit Ideology, a subsidiary of Chinese e-commerce giant JD.com, is one of the REIT’s cornerstone investors.
The other cornerstone investors include CKK Holdings, owner of fashion brand Charles & Keith, as well as Nasdaq-listed Secoo Holding, a Chinese e-commerce platform that specialises in luxury goods.
Robert Yap, the executive chairman of local logistics firm YCH Group, will also be investing through his private investment firm Entrepolis.
DBS Bank is the sole financial adviser on the listing and has also agreed to subscribe for shares.
The REIT has forecasted a 7.5% yield in 2018 and 7.8% in 2019.
Bank of China (Singapore) and DBS are the joint global coordinators, and bookrunners with CICC, Citigroup, Credit Suisse, Haitong Securities and Maybank.
The REIT is scheduled to list by end-March.