AVCJ

Temasek unit completes Singapore’s biggest IPO in two years

  • Andrew Woodman
  • LinkedIn  
  • Google plus  
  • Save this article  

Mapletree Greater China Commerical Trust (MGCCT), a unit of Temasek Holding's real estate arm, has raised $1.3 billion in Singapore's biggest IPO in two years.

The China-focused real estate investment trust priced its shares at S$0.93, the top of its indicative price range.

Cornerstone investors such as Norges Bank Investment Management and units of AIA Group, CBRE Group, Henderson Global Investors and Morgan Stanley have agreed to take up about 953.5 million shares, or 55% of the deal. At least 776.6 million shares were then offered to institutional and retail investors, rising to 856.5 million if an overallotment option is exercised.

The real estate investment trust will use the IPO proceeds to buy two properties from Mapletree Investments: The Festival Walk retail and office development in Hong Kong and the Gateway Plaza office building in Beijing.

Shares are to begin trading on the Singapore Exchange on March 7.

Temasek's real estate arm, Mapletree Investments, owns and manages a S$19.9 billion ($16 billion) portfolio that includes office, logistics, industrial, residential and retail assets across Asia. It also manages three private real-estate funds.

 

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Real estate

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs