Office park developer Ascendas on Monday launched the first property trust of Indian assets in Singapore, which would raise as much as $550 million (US$359 million).
Ascendas India Trust will sell 423.38 million shares at an indicative price of S$1.01 to S$1.18 a unit. The greenshoe option of another 10 per cent would increase the number of units to 465.71 million shares, raising the IPO size to $550 million, according to its prospectus, confirming an earlier Reuters report.
Singapore-based Ascendas is listing its assets in Bangalore, Chennai and Hyderabad.JPMorgan is sole financial adviser, while Citigroup and DBS are joint underwriters and book-runners.
Reits, which pay most of their rental income as dividends, have caught on in Singapore and Japan in the last five years.
Investors are keen on their mix of steady bond-like returns with potential for strong capital gains, if rents and property values rise.
Bangalore-based Embassy Group is also trying to list in Singapore with a US$150 million IPO, sources told Reuters in April.
Source: The Business Times, 02 July 2007
The infrastucture bottle necks and issues in India need to be addressed by the Government to boost the investments in India. Though Reality market in India is highly overvalued, the global investors are still interested to invest heavily in India, as the other global economies are not growing agressively like India, China and other emerging markets.
Best Regards,
Ramesh Natarajan, Dubai
Views and Thoughts of a Global Indian
Comment by Ramesh Natarajan — July 17, 2007 @ 2:48 pm