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Singapore Press Holdings Launches S$504 Million Initial Public Offering of SPH Reit


  • Offering of 308,884,000 Units priced at the top end of the range at S$0.90 per Unit
  • Institutional investors’ indications of interest during the bookbuilding process amounted to approximately 42 times the number of Units offered under the Placement Tranche
  • Offering Price represents a distribution yield of 5.79%1 for the Projection Year FY2014
Singapore, 17 July 2013 – Singapore Press Holdings Limited (“SPH” or the “Sponsor”) is pleased to announce that its wholly-owned subsidiary SPH REIT Management Pte. Ltd., the manager of SPH REIT (the “REIT Manager”) has launched an initial public offering of Units in SPH REIT (“IPO” or the “Offering”) following the registration of its prospectus (the “Prospectus”) with the Monetary Authority of Singapore.
The Offering of 308,884,000 Units, subject to an Over-Allotment Option2, consists of: (i) an international placement of 224,902,000 Units to investors, including institutional and other investors in Singapore (the “Placement Tranche”); and (ii) an offering of 83,982,000 to the public in Singapore (the “Public Offer”).
Concurrently but separate from the Offering, SPH REIT has also secured S$226 million worth of commitments from five quality cornerstone investors. Together, these investors have subscribed to a total of 251,000,000 Units (the “Cornerstone Units”).
As a result of indications of interest received from institutional investors during the bookbuilding process, amounting to approximately 42 times the number of Units offered under the Placement Tranche, the Units have been priced at the top end of the offering price range at S$0.90 per Unit (the “Offering Price”). Based on the Offering Price, the Offering is expected to translate into forecast and
projected distribution yields 1 of 5.58% and 5.79% for the Forecast Period 2H FY20132 and Projection Year FY20143, respectively.
Upon listing, SPH REIT will be one of the largest retail REITs in Singapore by asset value, offering investors meaningful exposure to
a high quality retail property portfolio.
SPH REIT’s principal focus is on income-producing real estate that is used primarily for retail purposes in Asia-Pacific. Its initial portfolio comprises:
  • Paragon, a premier upscale retail mall located in Orchard Road, Singapore’s most famous shopping and tourist precinct. Paragon also houses Paragon Medical, sitting on top of the retail podium, which hosts over 60 medical and dental specialists and offices.
  • The Clementi Mall (“Clementi Mall”), a mid-market suburban mall located in the centre of Clementi town, and that is part of an integrated mixed-use development that includes residential blocks and a bus interchange and is connected to a MRT station.

SPH REIT is sponsored by SPH, Southeast Asia’s leading media organisation. Listed on the SGX-ST since 1984, the Sponsor has a market capitalisation of approximately S$6.7 billion as at 1 July 2013. Following the completion of the IPO, SPH will be the largest Unitholder in SPH REIT, directly or indirectly holding an aggregate of 70.0% of the total number of Units expected to be in issue (assuming the Over-Allotment Option is exercised in full), demonstrating its alignment of interests with the Unitholders.

The Public Offer will open at 6.00 p.m. on 17 July 2013 and will close at 12.00 noon on 22 July 2013. Listing and trading of SPH REIT’s units on the SGX-ST is expected to commence at 2.00 p.m. on 24 July 2013. Credit Suisse (Singapore) Limited is the Sole Global Coordinator and Issue Managern for the Offering. Credit Suisse (Singapore) Limited, DBS Bank Ltd. and Oversea- Chinese Banking Corporation Limited are the Joint Bookrunners and Underwriters for the Offering, while CIMB Securities (Singapore) Pte. Ltd. and Nomura Singapore Limited are the Co-Lead Managers and Sub-Underwriters for the Offering.
Copies of the Prospectus, the application forms and envelopes may be obtained upon request during office hours, subject to availability, from the main office/any branch of DBS Bank Ltd. (including POSB) and Oversea-Chinese Banking Corporation Limited from 17 July to 22 July 2013. Copies of the Prospectus and the application forms, subject to availability, can also be obtained at SPH REIT’s booths
at Chevron House at 30 Raffles Place, Singapore 048622 from 18 July to 19 July 2013 and Paragon at 290 Orchard Road, Singapore 238859 from 18 July to 21 July 2013.
The Prospectus is also available on the SGX-ST website at Anyone wishing to subscribe for the Units will need to make an application in the manner set out and subject to the terms and conditions set out in the Prospectus.
SPH REIT is a Singapore-based real estate investment trust established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily1 for retail purposes in Asia-Pacific, as well as real estate-related assets.
Its initial portfolio of properties comprises a 99-year leasehold interest in Paragon commencing on the date of listing of SPH REIT and a 99-year leasehold interest in The Clementi Mall commencing on 31 August 2010. Valued at S$3.1 billion with an aggregate net lettable area of 898,779 sq ft, the properties have a Committed Occupancy2 of 100% and have a diverse and high quality tenant base of 431 local
and international retailers and medical specialists.
SPH REIT is managed by SPH REIT Management Pte. Ltd., a wholly-owned subsidiary of Singapore Press Holdings Limited. The Manager’s key objective for SPH REIT is to provide Unitholders with regular and stable distributions, and sustainable long-term growth in DPU and NAV per Unit, while maintaining an appropriate capital structure.
Singapore Press Holdings Ltd is Southeast Asia's leading media organisation, engaging minds and enriching lives across multiple languages and platforms. It publishes 18 newspaper titles in four languages and over 100 magazine titles in Singapore and the around Asia. On an average day in 2012, 2.88 million individuals, or 71.0% of people above 15 years old in Singapore, read one of SPH’s news
publications. SPH’s internet editions of its newspapers receive over 445 million page views with 18 million unique visitors every month as at March 2013. Other new media initiatives include AsiaOne,, ST701, Stomp and The Straits Times RazorTV. SPH has also ventured into book publishing, broadcasting, out-of-home advertising and properties. For more information, please visit
For more information, please contact:
Chin Soo Fang
Corporate Communications & CSR
Singapore Press Holdings
Tel: 6319 1216
Joelyn Tan
Corporate Communications & CSR
Singapore Press Holdings
Tel: 6319 1895