Suntec City Reit: IPO back on track

Competing bid rejected, ergo institutional roadshows will begin early next week.

Joint lead managers Citigroup, DBS and Deutsche Bank will formally launch a S$700 million to S$722 million $423 million to $436 million Reit for Suntec City today November 12. Fund managers say that roadshows for the 722 million unit deal will begin early next week, probably Tuesday, with pricing scheduled for Monday December 6.

Until yesterday, the deal had been looking extremely uncertain thanks to a competing bid for the underlying assets by Munich Re subsidiary Ergo, which owns a number of Singapore property developments including Temasek Tower, the Pidemco Centre and part of Wisma Atria. The group had bid S$2.3 billion $1.39 billion for the Suntec City Development, which...

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