Reit time for Suntec after all

Singapore Reit prices at top end of IPO range.

A 722 million unit Reit IPO for Suntec City was priced at the top end of its indicative range on Friday December 3 raising S$722 million $436 million. Fears that the offering might be overshadowed by the mammoth $2.9 billion Link Reit IPO coming from Hong Kong proved unfounded, with both deals appearing to benefit from increased investor attention on the sector.

Under the lead management of Citigroup, Deutsche Bank and DBS, the IPO for Suntec City was priced at S$1 per unit, representing the top end of a S$0.97 to S$1 price range and a 5.3% premium to the group's NAV of S$0.95 per unit.

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