MAPLETREE Investments, the property unit of Singapore’s Temasek Holdings, is poised to list a real estate investment trust (Reit) in Singapore that could hold up to S$4 billion in assets, a top executive said.
CEO Hiew Yoon Khong said yesterday the listing of the Reit would take place when stock-market conditions improved.
‘The management team is ready, and the filing process is really a two-month job,’ Mr Hiew told Reuters in an interview. ‘We were actually preparing for the IPO 16 to 18 months ago but the market turned.’
He said Mapletree planned to launch a Vietnam property fund and an Asian industrial property fund in the next 12 months and hopes to raise between US$500 million and US$1 billion for each.
Mr Hiew, who is also senior managing director (special projects) at Temasek, said Mapletree’s strategy going forward is to become ‘a real estate capital management type of business’, managing listed and unlisted funds for outside investors. He said over the next three to five years, Mapletree hoped to grow its property assets to at least S$20 billion.
Mapletree currently owns or manages nearly S$12 billion in real estate assets in several Asian countries, including China, Vietnam and Malaysia. Continue reading
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