Perpetual will act as trustee for a $900 million initial public offering of an Australian real estate investment trust (REIT) on the Singapore stock exchange.
The Australian Frasers Logistics and Industrial Trust (FLT) will start trading on the Singapore Exchange on 21 June, with Perpetual (Asia) acting as trustee.
The IPO will raise more than S$900 million (A$899 million), making it Singapore’s biggest listing since 2013.
Perpetual general manager for managed fund services, Andrew Cannane, said the launch of the IPO will demonstrate that fund managers have a choice about where they list their REITs.
“This announcement highlights Perpetual’s ability to provide trustee or responsible entity (RE) services for IPOs on either the Singapore or Australian stock exchange,” Mr Cannane said.
“We are uniquely placed to assist clients by acting as either an independent trustee for S-REITs or a responsible entity for an A-REIT listing.
“Owing to volatility, the S-REIT sector hasn’t seen any new IPOs for 18 months until recently. The recent listing of two new S-REITs will give further impetus to the Singapore REIT market.”
FLT has a portfolio of 51 logistic and industrial properties in Sydney, Melbourne and Brisbane.
The IPO portfolio is valued at S$1.6 billion.