Sasseur pushes S-Reit IPO despite selloff

Unfazed by a correction in the S-Reit sector, Chinese outlet mall operator launches IPO for part of its assets and targets $300 million in proceeds. It's Singapore's first big IPO of 2018.

Chinese mall developer Sasseur launched roadshow and bookbuilding on Thursday for what is set to be the first major initial public offering in Singapore this year.

The developer is clearly hopeful that a recent selloff in real estate investment trusts will not affect its ability to attract investors.

The Shanghai-headquartered retail group is seeking S$396 million $301 million from the listing of Sasseur Reit, which will comprise four of its malls spreading across east and southwest China.

According to the indicative terms, Sasseur Reit will sell 495 million investment units in the base deal at 80 Singapore cents per unit, with an over-allotment option...

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