UBS Warburg has spent the last three years lobbying the government and trying to launch a real estate investment trust REIT market in Singapore. Yesterday's decision to pull the IPO for the Lion State's maiden S-REIT has thus left people at the firm uncharacteristically embarrassed and shellshocked.
The deal, which was also led by DBS, was set to open up one of the most exciting investment banking opportunities in Asia. Copying the success UBS Warburg has had had in the $20 billion Australian REIT market, the CapitaLand SingMall deal was to be a beacon for other issuers such as Keppel Land and Centrepoint Properties. It was also to offer Singapore banks...
