Singapore’s Largest Pure-play US REIT IPO

Clifford Chance has advised DBS Bank Ltd., Merrill Lynch (Singapore) Pte. Ltd., China International Capital Corporation (Singapore) Pte. Limited, Credit Suisse (Singapore) Limited, Maybank Kim Eng Securities Pte. Ltd. and Oversea-Chinese Banking Corporation Limited, as the Joint Bookrunners and Underwriters on the US$813 million initial public offering by market capitalisation with an offering of 923,863,999 units in Prime US REIT on the Singapore Exchange.

This IPO is the largest year-to-date and the 3rd pure play US REIT listing on the Singapore Exchange in 2019, reflecting continued investor interest in the US real estate market. Pure play refers to a publicly traded company that is focused on only one industry or product.

Partner Raymond Tong (Picture) and senior associate Ying Chiang Chong acted for the Joint Bookrunners and Underwriters on the transaction.

Involved fees earner: Ying Chiang Chong – Clifford Chance; Raymond Tong – Clifford Chance;

Law Firms: Clifford Chance;

Clients: China International Capital Corporation Limited (CICC); Credit Suisse Singapore; DBS Bank; Maybank Kim Eng Securities Pte Ltd; Merrill Lynch Singapore; Oversea-Chinese Banking Corporation;

Author: Michael Patrini