10 things to note about Frasers Logistics and Industrial Trust IPO
By The Fifth Person • June 13, 2016
Frasers Logistics and Industrial Trust (FLT) is set to raise about $903 million after pricing its IPO at the top of its indicative range at 89 cents.
This is Singapore’s biggest new listing in three years.
About 521.7 million units will be sold to institutions and retail investors. Another 492.8 million units is set aside for cornerstone investors.
The portfolio at IPO comprises 51 logistic and industrial properties with gross lettable area 1.2 million sqm of properties in three cities: Melbourne (40%), Sydney (28%) and Brisbane (28%). Land tenure is freehold for 60% of the portfolio, with the rest are on long leases of 80 years. Occupancy is 98%.
The IPO portfolio is valued at $1.6 billion.
At IPO, the yield will be 6.83% or a DPU of 2.03 cents for three and a half months. That’s because FLT has a September year end. ...
