Singapore property developer Far East Organisation plans to raise at least $500 million through the listing of some of its hotel and serviced residence assets in a real estate investment trust next year, according to sources familiar with the deal.
DBS (DBSM.SI), Goldman Sachs (GS.N) and HSBC (HSBA.L) have been hired as the lead bankers for the deal, two sources with direct knowledge of the matter told Reuters.
DBS (DBSM.SI), Goldman Sachs (GS.N) and HSBC (HSBA.L) have been hired as the lead bankers for the deal, two sources with direct knowledge of the matter told Reuters.
“It’s still in the early stages, but the IPO could be around $500 million,” one of the sources said.
Far East’s Orchard Parade Hotel in Singapore may be among the assets spun off into the reit, one of the sources said.
The property developer owns seven hotels and 10 serviced residences in Singapore as well as and one in Malaysia.
Far East, together with its Hong Kong-based sister company Sino Group, own assets valued at over US$40 billion ($48.7 billion) together and have an annual turnover of US$4.3 billion.
DBS, Goldman Sachs and Far East Organisation have declined to comment, while HSBC was not immediately available for comment.
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