Soilbuild Seeks Up to S$643 Million in Industrial Properties IPO

Soilbuild Group Holdings Ltd., a Singapore developer, is seeking as much as S$642.8 million ($507 million) in an initial public offering of its industrial properties in the city-state.

Soilbuild Business Space REIT is offering 586.5 million units at 77 Singapore cents to 80 Singapore cents each, according to preliminary prospectus filed with the city-state’s central bank today. Lim Chap Huat, Soilbuild’s co-founder, offered to buy an additional 216.9 million units, the document shows.

The REIT’s initial portfolio includes seven properties, including two business park developments and five industrial properties, with a net leaseable area of about 3 million square feet. Soilbuild Business Space REIT expects to offer a dividend yield of as much as 7.8 percent based on projections for fiscal 2014, according to the prospectus.

Citigroup Inc., DBS Group Holdings Ltd. (DBS) and Oversea-Chinese Banking Corp. are managing the offering.

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