KBS Realty said to be considering US$1 bil REIT IPO in Singapore

KBS Realty said to be considering US$1 bil REIT IPO in Singapore

By: 
Bloomberg
26/07/18, 08:10 pm

SINGAPORE (July 26): KBS Realty Advisors, a US-based commercial property owner, is considering its second real estate investment trust listing in Singapore, people with knowledge of the matter said.

The company aims to raise at least US$1 billion ($1.36 billion) from a potential sale of trust units backed by at least 15 prime commercial properties, the people said. A possible initial public offering could take place in the fourth quarter, said the people, who asked not to be identified because the details are private.

KBS, which partnered Keppel Corp’s asset management arm on a Singapore listing last year, is in talks with firms based in the city-state to find possible co-sponsors for a second REIT, one of the people said.

Any deal would add to the US$3.1 billion of property trust IPOs in Singapore over the last three years, including Keppel-KBS US REIT’s US$448 million fundraising, data compiled by Bloomberg show. Aroundtown SA, the Luxembourg-based property investor, is also exploring spinning off some assets through a trust in Singapore, people familiar said in March.

An external spokeswoman for KBS didn’t immediately reply to an email seeking comment outside of regular US business hours.

KBS is one of the largest buyers of commercial real estate in the US and has completed transactions exceeding US$37 billion, according to its website. KBS-affiliated companies had more than US$11.4 billion of assets as of March 31.

Can IBM remake itself with hybrid cloud play Red Hat?

SINGAPORE (Nov 19): Legendary corporate icons can plunge from their exalted status to irrelevance in little or no time. The unfolding saga of General Electric, the world’s largest company by market capitalisation until Microsoft overtook it at the start of the tech boom in 1999, is a case in point. GE, which has been slowly shedding assets since the global financial crisis in 2008, has seen its downward slide escalate over the past two years. Its once lofty stock has plunged 77% from its recent July 2016 peak, and is down 87% from its July 2000 all-time high when it ....
Read More >>

Malaysia reopens submarine probe, questions former PM Najib

KUALA LUMPUR (Nov 20): Malaysian anti-graft authorities have reopened investigations into a contentious submarine deal 16 years ago involving former prime minister Najib Razak, the latest corruption probe facing the embattled Najib. Since losing a May election, Najib has been charged with multiple criminal offences and has been subject to corruption investigations, some linked to a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB). Najib has pleaded not guilty to all charges. Investigators with the Malaysian Anti Corruption Commission (MACC) are now also l....
Read More >>

Noble comes under investigation for potential accounting & regulatory breaches

SINGAPORE (Nov 20): Singapore authorities are launching an investigation into beleaguered commodities trader Noble Group and its wholly-owned subsidiary, Noble Resources, amid the group’s controversial debt restructuring exercise. According to a joint statement issued on Tuesday by the Singapore Police Force (SPF), Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and Accounting and Corporate Regulatory Authority (ACRA), Noble is suspected of making “false and misleading statements” as well as breaches of disclosure requirements under the Securities and Future....
Read More >>