MacarthurCook Industrial REIT has launched its initial public offering on the Singapore Stock Exchange to raise $296.8 million.
MI-REIT has issued 247,330,000 units at an offering price of $S1.20.
MI-REIT’s initial property portfolio consists of a diversified portfolio of 12 industrial properties in
MI-REIT’s be jointly owned by Australian Stock Exchange MCK and SGX-ST listed United Engineers Development Pte Ltd, with interests of 92.5% and 7.5% respectively.
United Engineers Development has a market capitalisation of approximately $773.2 million.
MI-REIT’s chief executive Chris Calvert said the trust is well-positioned to expand its portfolio overseas.
“In fact, we aim to have a minimum of 40% of our portfolio located in Singapore over time and the balance across the other major Asian industrial property markets such as Hong Kong, China, Malaysia, Japan and India,” he added.
“The Manager and MCK have demonstrated their ability to source for and acquire industrial real estate assets, having been actively involved in the acquisitions of 12 properties in the MI-REIT portfolio.
“Furthermore, MCK has also granted MI-REIT the right of first refusal over all industrial properties in Singapore and Asia offered to the MacarthurCook Group, for a period of five years from the date of MI-REIT’s listing,” Calvert said.
UEL’s chief executive Jackson Yap said the collaboration on UE Tech Park will bear out the UE Group’s full-fledged capabilities from design-and-build to managing a high-quality property, as well as strengthen MCK’s portfolio of properties in
For the year 2008, the trust has forecast a distribution of approximately 7.4
The distribution is projected to rise to 7.6
“The stable income underpinned by strong portfolio fundamentals reflects the strength of the Properties and the exposure to the high growth industrial sector in
“We are targeting to grow MI-REIT by up to $500 million in new investments per annum,” Calvert said.
Australian Property Journal
