Singapore Press Holdings to raise up to $523m from REIT

Singapore Press Holdings to raise up to $523m from REIT

SINGAPORE - Media group Singapore Press Holdings Ltd plans to raise at least S$523 million by spinning off some of its property assets via a real estate investment trust, according to a preliminary prospectus filed on Tuesday.

Called SPH REIT, the trust's assets will include the luxury Paragon mall on the prime shopping district of Orchard Road and the suburban Clementi Mall.

SPH expects gross proceeds of between S$523 million and S$554 million based on the price range of S$0.85 to S$0.90 per REIT unit.

Credit Suisse is the sole global coordinator and issue manager, and is also an underwriter with DBS Bank and Oversea-Chinese Banking Corp.

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