Sabana Shariah Compliant Reit has priced its initial public offering (IPO) at $1.05 per share, the midpoint of an indicative range, in order to raise $491 million, according to a news article in the Business Times.
Sabana Reit, the largest syariah-compliant property trust anywhere and the first Islamic Reit in Singapore, is offering 605.8 million units in the IPO. It had initially set a price guidance of $1.00 to $1.10.
The IPO’s retail tranche closes on November 24, and the units will start trading on November 26.
The REIT owns 15 industrial properties in Singapore with an aggregate floor area of approximately 3.3 million sq ft.
The REIT’s manager had estimated a distribution yield of 8.45 percent and 8.48 percent in 2011 and 2012 respectively, based on the minimum offer price of $1.00.