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City Developments files for Singapore REIT IPO of UK assets

City Developments files for Singapore REIT IPO of UK assets

The CDL building on Robinson Road in Singapore. (File photo: CDL website)

SINGAPORE: City Developments said on Friday (Jun 4) it has applied to regulators for a potential listing of its UK commercial properties via a real estate investment trust (REIT) on the Singapore bourse.

IFR reported on Thursday that the IPO could be worth up to S$1 billion with a targeted launch in September.

City Developments declined to comment beyond its statement, in which it did not provide a deal value.

A successful listing would mark the first REIT initial public offering on the Singapore Exchange this year.

The company's CDL Hospitality Trusts, which listed in 2006 on the Singapore Exchange, owns hotel assets valued at S$3.1 billion, according to its website.

Shares of City Developments, which builds residential properties as well as owns office and retail assets, were 0.5 per cent lower at S$7.79 on Friday morning, while the broader market was down 0.1 per cent. The company's shares have fallen about 1.6 per cent so far this year. 

Source: Reuters

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