Carlyle-backed New Century REIT targets $254m HK IPO – report
China’s New Century Group, a portfolio company of the Carlyle Group, is seeking to raise as much as $254 million through an IPO offering by a real estate investment trust (REIT) in Hong Kong.
According to a term sheet seen by the Wall Street Journal, New Century is seeking to price its IPO between HK$3.40 to HK$4.20 ($0.44 to $0.54) a share, and is offering to pay a dividend yield of 6.5% to 7.8% for this year. The company started taking institutional investor's orders today and is scheduled to list on July 5.
Reports of a potential public listing - of both the hotel and real estate business - date back to August 2011. The company has refined its plan last month, spinning off its hotel business as a REIT through a $300 million Hong Kong IPO.
Carlyle invested $100 million in New Century in 2008, taking a 40% stake.
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