Sasseur Real Estate Investment Trust (Sasseur REIT), an outlet mall operator in China, has raised a total of S$396 million ($303 million) after successfully completing its initial public offering (IPO), which is the largest so far on the Singapore Exchange Securities Trading Limited this year.
In a statement, Sasseur Asset Management, the manager of Sasseur REIT, said 12 cornerstone investors committed to subscribe for approximately 46.1 per cent of the gross proceeds raised from the IPO and the issuance of the cornerstone units.
The offering and the redemption raised Sasseur REIT’s market capitalisation to approximately S$944.2 million ($721.5 million).
The offering comprised an international placement of 252.8 million units to investors, including institutional and other investors in Singapore and an offering of 13.7 million units to the public in Singapore.
“The robust demand from both institutional and retail investors is encouraging as it is a reflection of their confidence in Sasseur REIT’s investment proposition, said Xu Rongcan, Founder of the Sasseur REIT, and Chairman and Non-Executive Director of Sasseur Asset Management.
Sasseur REIT becomes the first outlet mall to be listed in Asia. Sasseur REIT’s portfolio comprises four retail outlet malls located in fast-growing cities in China such as Chongqing, Kunming, and Hefei.
Sasseur Cayman Holding Limited, the sponsor of Sasseur REIT, counts L Catterton Asia Advisors and Ping An Real Estate Company Ltd among its strategic shareholders.
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