Singapore Press Holdings moves ahead with Reit plans

The company will sell two retail-focused properties to the Reit, which will then raise about S$540 million from the sale of 30% of its units to public investors. Existing SPH shareholders will receive a special dividend.
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SPH's Paragon mall on Orchard Road
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<div style="text-align: left;"> SPH's Paragon mall on Orchard Road </div>

Singapore Press Holdings SPH, the media company that publishes the Singapore Straits Times and numerous other newspapers and magazines, is pushing ahead with its plan to list some of its properties through a real estate investment trust.

In an announcement published on Monday evening it said it will sell two leasehold retail properties the Paragon mall and office complex on Orchard Road and the Clementi Mall, a mid-market suburban mall in the west of Singapore to a new vehicle called SPH Reit for S$3.07 billion $2.4 billion.

SPH Reit will then be listed in its own right on the Singapore Exchange via an initial public...

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