Prime US REIT launches IPO to raise $1.1b

IPO is priced at $1.20 per unit.

Prime US REIT launched an initial public offering (IPO) expected to raise $1.1b, the largest IPO on the SGX-ST YTD by market capitalisation.

Its offering price is $1.20 per unit with a distribution yield forecasted at 7.4% in 2019 and prospected to be 7.6% by 2020, representing a growth of 3.1%.

Prime US REIT’s portfolio consists of 11 Class-A and freehold properties valued at $1.63b and located in nine cities across the US. It enjoys an occupancy rate of 96.7% and has a long weighted average lease expiry of 5.5 years.

The public offer closes at 12 noon on 15 July.

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