JD.com-backed consortium plans S$1 billion Singapore REIT IPO: Report

SINGAPORE: A consortium comprising Chinese retailer JD.com’s asset management platform and Swiss private equity giant Partners Group is reportedly preparing to confidentially file for the initial public offering (IPO) of a real estate investment trust (REIT) in Singapore, in what could become one of the country’s largest listings this year.

According to Bloomberg, the proposed REIT will also include Southeast Asian assets owned by EZA Hill Property Management Pte Ltd, a Singapore-based real estate company backed by Hillhouse Capital. The IPO is expected to raise about S$1 billion.

Individuals familiar with the matter said the consortium may soon submit a draft IPO registration application to the Monetary Authority of Singapore (MAS) and the Singapore Exchange. However, as the discussions are ongoing, the timing of the filing may be subject to change.

Bank of America, DBS Group and UBS are reportedly working on the proposed listing, as well.

Partners Group, EZA and JD Property, a subsidiary of JD.com, declined to comment when approached by the media.

If it proceeds, the listing is expected to provide a significant boost to Singapore’s IPO market. So far this year, companies have raised around US$1.1 billion (approximately S$1.42 billion) through IPOs in the city-state.

The planned offering also comes as another major REIT listing is reportedly being explored. Australian data centre operator AirTrunk, which is backed by Blackstone, is said to be considering a Singapore REIT IPO that could raise about US$1.5 billion (around S$1.9 billion), further boosting Singapore’s IPO market.