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Sinarmas Land (SML) announced Tuesday (9 June) that it has secured a stake in what could be the first initial public offering (IPO) by a Chinese real estate investment trust in Singapore.
In an SGX filing made by the Singapore developer, it said “SML has been invited by KaiLong Holdings Limited (KLR) to participate in the proposed listing and offering of units in KaiLong China Real Estate Investment Trust (KaiLong China REIT).”
In line with this, the company has inked a non-binding agreement with KLR to acquire a strategic stake in the trust, its manager and property manager on 7 June 2015.
KaiLong China REIT’s initial portfolio is expected to consist of one office building in Chengdu and seven business spaces in Shanghai.
“The proposed participation aims to allow SML to leverage on the relatively high rates of return on completed and stabilised business space properties in China, and provide it with a diversified and stable income stream,” it added.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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