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.

Stratech's controlling shareholders seeking stay of winding-up order

SINGAPORE (Sept 20): A Singapore court has granted applications to wind up The Stratech Group and its subsidiary, Stratech Systems, after the group failed to receive the necessary support for proposed schemes of arrangement. See: Stratech to receive funds from controlling shareholders, plans to propose scheme of arrangement See also: Stratech to call for rights issue as founders pump in more funds See also: Auditors flag Stratech's ability as going concern One of Stratech’s three secured creditors, who held more than 50% of the company’s $6 million in secured debt, did not agre....
Read More >>

Easy for Hongkong Land to find replacement for tenant HNA: DBS

SINGAPORE (Sept 20): China-based HNA Group reportedly surrendered eight floors at Three Exchange Square in Hongkong’s Central with lettable area of 88,000sf. This move should not surprise the market as this conglomerate has been reducing its business operations in Hong Kong in the previous year. The 33-level Three Exchange Square office tower was developed by property group Hongkong Land and houses the Hong Kong Stock Exchange. HNA’s lease started in June and should have expired in May 2027. According to press reports, China Merchants Bank has agreed to take up four floors for ....
Read More >>

Singaporeans love their banks but remain wary of the lesser-known, finds survey

SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies. This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, which surveyed over 4,000 adults across China, Hong Kong, India and Singapore in August this year. In particular, the survey found that 90% of respondents in Singapore and India rated the reputation....
Read More >>