German I-Reit completes IPO pre-marketing

German office trust offers high yield spread to S-Reit sector.

I-Reit Global Management, which owns a portfolio of German office buildings, hopes to list as Singapore's first European real estate investment trust later this month following the completion of pre-marketing. 

Lead managers Barclays and DBS are currently finalising the formal launch of the initial public offering, which has so far been pitched on a fair-value range of S$375 million to S$403 million $300 million to $322 million. This equates to a 2015 dividend yield of 7.3% to 7.9% and price-to-book ratio of 1.15 to 1.23 times.

The sponsor Sella Holdings will not be taking up any units in I-Reit but its strategic partner ...

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