SINGAPORE, June 10 (Reuters) - Frasers Logistics and Industrial Trust priced its Singapore initial public offering at the top of its indicative range to raise about S$903 million ($666 million) in the city-state's biggest new listing in three years.
The real estate investment trust (REIT), backed by Australian properties, is selling 521.7 million units to institutions and retail investors. Cornerstone investors are buying another 492.8 million units.
The units are priced at S$0.89 apiece, the REIT said in a filing. The REIT is sponsored by real estate developer Frasers Centrepoint Ltd FRCT.SI , backed by Thai tycoon Charoen Sirivadhanabhakdi. ($1 = 1.3557 Singapore dollars)