Mapletree Commercial Trust, a unit of Mapletree Investments Pte Ltd, has hired banks for a $1 billion initial share sale in the first quarter, according to a source with knowledge of the matter.
The trust hired Goldman Sachs Group Inc, Deutsche Bank AG, DBS Group Holdings Ltd and CIMB Group Holdings Bhd as advisers on the sale, said the anonymous source.
The listing of Mapletree Commercial Trust, which owns several properties, including VivoCity, would follow a similar sale by Mapletree Industrial Trust Ltd, the industrial property arm of Mapletree, raising $938.5 million in October.
Wong Mun Hoong, chief financial officer of Mapletree Investments, said in October that the initial public offering (IPO) of Mapletree Commercial Trust would be ready by the first half of this year.
The IPO was recently reported by the Wall Street Journal, citing unidentified sources.