MacarthurCook Industrial REIT ready to go

MACARTHURCOOK has lodged its prospectus with the Monetary Authority of Singapore to list the MacarthurCook Industrial REIT.

The IPO will raise between $S260.43 million and $S338.56 million with the final amount to be determined by way of a bookbuild to be conducted after registration of the prospectus by MAS, which is expected in early April 2007.

It is expected that the listing of MI-REIT on the SGX-ST will take place on or about April 19, 2007.

MI-REIT will be a Singapore-based REIT investing in industrial properties throughout Asia and will its initial portfolio include 12 properties.

MacarthurCook’s former head of property Chris Calvert will spearhead MI-REIT’s target of $S500 million in new acquisitions each year across Asia.

“We believe that MI-REIT will benefit from the combined strengths of the two partners – MacarthurCook Limited’s extensive experience and expertise in the ownership and management of industrial property, and UEL’s financial strength, market reach and strong network of contacts in Asia.

“With their support, we are well positioned to expand our portfolio throughout Singapore and further into Asia. While the MI-REIT portfolio will always maintain a strong Singapore connection, our long-term outlook is to have in the order of 40% of our portfolio allocated across the major Asian industrial property markets such as Hong Kong, Japan, China and Malaysia” calvert said.

“We believe that MI-REIT will provide the platform for MacarthurCook’s international growth in the real estate sector, as we apply our knowledge and experience in acquiring and managing real property on a global stage,” MacarthurCook’s managing director Craig Dunstan said.

Australian Property Journal