Mapletree Commercial Starts Marketing IPO, Plans April 8 Singapore Listing

Mapletree Commercial Trust is expected to start trading in Singapore on April 8 after marketing of its initial public offering began this week, a document obtained by Bloomberg News shows.

A series of investor meetings involving Mapletree Commercial Trust management will also run from March 22 until March 30 to market the IPO, the e-mailed pre-sale document shows. The IPO is expected to raise S$1 billion ($788 million), a person familiar with the matter said today. The trust is a unit of Mapletree Investments Pte, the real estate arm of Singapore state investment company Temasek Holdings Pte.

Mapletree Commercial Trust, which owns properties including Singapore’s VivoCity shopping mall, hired Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc. as global coordinators for the IPO, said the person, who asked not to be identified as the details are private. CIMB Group Holdings Bhd. and DBS Group Holdings Ltd. will also help manage the share sale, the person said.

Funds raised from the IPO will be used for the acquisition and development of properties including Merrill Lynch HarbourFront, a new office project on Singapore’s shores, to repay debt and for working capital, the document shows.

Sonny Phua, a Mapletree Investments spokesman, was not immediately able to respond to an e-mailed request for more information.

Mapletree Industrial IPO

Mapletree Commercial Trust’s listing would follow a similar sale by Mapletree’s industrial property unit, Mapletree Industrial Trust (MINT) Ltd., which raised S$938.5 million in October. Mapletree Industrial units, sold to investors at 93 Singapore cents, were trading 1 Singapore cent higher at S$1.06 as of 10:34 a.m. in the city-state.

Mapletree Commercial Trust is expected to lodge IPO documents with the Monetary Authority of Singapore within two weeks, the person familiar with the plans said. The offering may represent about 60 percent of the trust’s units, according to the pre-sale document. The investor education meetings that began in Singapore on March 7 will run until March 16 in Hong Kong, the Netherlands and London, the document shows.

The Wall Street Journal reported details of the investor marketing plan and expected listing date earlier today, citing people it didn’t identify.

To contact the reporters on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net; Fox Hu in Hong Kong at fhu7@bloomberg.net

To contact the editor responsible for this story: William McSheehy at wmcsheehy@bloomberg.net

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