SINGAPORE (Reuters) - Conglomerate Keppel Corp (KPLM.SI) said on Thursday it was seeking to make an initial public offering of shares in a U.S. real estate investment trust in Singapore, which will be jointly sponsored by one of its subsidiaries and a U.S.-based investment firm.
Keppel said an initial portfolio of 11 office buildings will be injected into the REIT by a fund managed by KBS Capital Advisors LLC.
Keppel said applications had been submitted to the bourse and Singapore’s central bank in connection with the IPO and those were currently under review. The details of the terms of the IPO were still being finalised and the listing of the REIT will be subject to market conditions and other factors, it said.
A successful IPO will add to a strong year for listings on the Singapore bourse.
Earlier this month, Australia’s Cromwell Property Group (CMW.AX) lodged a prospectus to tap Asian investors in a bid to raise as much as 900 million euros ($1.1 billion) for a REIT in Singapore.
Reporting by Aradhana Aravindan; Editing by Greg Mahlich