United Hampshire US REIT's IPO subscribed 3.2 times

Its placement tranche received indications of interest exceeding $307.36m.

United Hampshire US REIT’s Initial Public Offering (IPO) of 87.83 million units for $1.12 (US$0.80) per unit was 3.2 times subscribed, according to a press release. This is in connection with its listing on the Mainboard of Singapore Exchange Securities Trading (SGX-ST)

It received 848 applications for 10.3 million units amounting to $11.5m for the 7.5 million units offered in Singapore, representing a subscription rate of 1.4 times.

The placement tranche offered to investors outside the US received indication of interest exceeding $307.36m (US$220.1m) and was subscribed 3.4 times.

With this, an additional 14.8 million units were over-allotted and allocated to applicants under the placement tranche.

The placement tranche attracted sovereign wealth funds, long-only institutional investors, insurance firms, multi-strategy funds and family offices such as The Government Pension Fund of Thailand and Principal Asset Management.

Separate from the offering, each of HGF Investors Fund I LLC and HGF Investors Fund II, LLC and U.S. RE Fund II Offshore Feeder 1 has agreed to subscribe for 88,790,000 sponsor units for the same offering price. Davinia Investment and Steamboat Apollo also subscribed for a total of 16.66 million rollover units for the same unit price.

Cornerstone investors have also subscribed for a total of 300 million units, which amounts to $335.15m (US$240m) in total. These investors include clients of UOB, UBS AG Singapore and Hong Kong Branch, Credit Suisse AG Singapore and Hong Kong Branch, Bangkok Life Assurance and HSBC.

The total number of outstanding units immediately after the completion of the offering will be 493.28 million units, garnering a total of $551.05m (US$394.6m). Including the over-allotment units, the company expects to raise gross proceeds of $567.67m (US$406.5m).

Trading of United Hampshire US REIT’s Units on the Mainboard is expected to begin on 12 March.

United Hampshire US REIT is Asia’s first U.S. grocery-anchored shopping centre and self-storage REIT with a portfolio primarily concentrated in the Northeast markets of the US.

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