Soilbuild kicks off $371 million IPO; Deltamas delays pricing

The Singapore-based business space Reit goes ahead without cornerstones but is covered at the top after the first three days. Meanwhile, Indonesian industrial estate owner Deltamas is trying to restructure its IPO after demand falls short.
Soilbuild has seven assets in its initial portfolio — two business parks and five industrial properties
Soilbuild has seven assets in its initial portfolio — two business parks and five industrial properties

At first glance, the launch of yet another real estate investment trust Reit IPO in Singapore this past week is encouraging as it suggests that improving equity markets are giving issuers the confidence to push ahead with their listing plans.

But, the offering of up to S$469.2 million $371 million by Soilbuild Business Space Reit also highlights that there is still a lot of uncertainty about the short- to medium-term outlook for regional markets.

For one, Soilbuild has not been able to secure any cornerstone investors ahead of the launch. According to a source, investors aren’t staying away altogether, but they are reluctant for their involvement to...

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