Lippo Group to raise 110.92 mln SGD via Singapore REIT IPO
The Lippo Group will raise as much as 110.92 mln sgd from the initial public offering of its hospital and hotel real estate investment trust (REIT) here.
Lippo’s hospital and hotel assets will be injected into First REIT, which will be listed on the Singapore Exchange, according to First REIT’s preliminary IPO prospectus filed with the Monetary Authority of Singapore earlier this week.
First REIT plans to sell 140.4 mln shares at between 0.68-0.79 sgd per share during the IPO.
Among the assets it will hold will be the Slioam Hospitals Lippo Karawaci, Siloam Hospitals West Jakarta, Siloam Hospitals Surabaya and Imperial Aryaduta Hotel and County Club. These assets, currently valued at about 257 mln sgd, belong to Lippo Group property unit Lippo Karawaci.
First REIT projects a dividend yield of 7.75 pct this year, based on the maximum IPO price and 9 pct based on the minimum IPO price. For 2007, the yield will be 8.24 pct based on the maximum IPO price and 9.57 pct based on the minimum IPO price. (*)
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