SINGAPORE, May 9 (Reuters) - Property developer Frasers Centrepoint Ltd FRCT.SI said it has applied to the central bank and the Singapore Exchange regarding a proposed listing of a real estate investment trust, which will hold logistics and industrial assets in Australia.
The Business Times newspaper earlier on Monday reported the REIT could be worth S$800 million ($587 million) to S$900 million, and the initial public offering could be slated for June this year. is currently no certainty that Frasers Centrepoint will proceed with the offering, it said in a statement, declining to give further details, including on the IPO size. It had said in February that it was exploring a listing. Centrepoint has three other trusts listed on the Singapore Exchange - Frasers Centrepoint Trust FCRT.SI which owns malls, office landlord Frasers Commercial Trust FRCR.SI and Frasers Hospitality Trust FRHO.SI .
Backed by Thailand's second-richest man Charoen Sirivadhanabhakdi, Frasers Centrepoint gained control of the Australian assets through its 2014 purchase of Australand Property Group for about A$2.6 billion ($1.9 billion).
Thomson Reuters publication IFR reported last week that Canada's Manulife Financial Corp MFC.TO is also looking to raise as much as $470 million by listing a REIT, comprising of three office buildings in the United States, on the SGX.
The SGX has been facing a dearth of initial public offerings, hurt by weak market sentiment. Funds raised through IPOs and reverse takeovers on the SGX's main board totalled S$276 million in 2015, compared with S$3.18 billion the previous year.
($1 = 1.3576 Australian dollars)