King & Wood Mallesons and Singapore firm Allen & Gledhill are advising a Singapore-based real estate investment trust on a renminbi-denominated initial public offering on the Singapore Exchange.
The offering by Dynasty REIT could raise up to $780 million, potentially making it the largest IPO in Singapore so far this year. It will also be the first listing in Singapore denominated in Chinese currency. Proceeds from the offering will be used for working capital and to pay for the acquisition of properties.
The listing is being sponsored by ARA Asset Management Ltd., which is injecting the three initial properties–mainland China retail and commercial properties in Nanjing, Dalian, and Shanghai–into the REIT.
ARA is partly-owned by Hong Kong billionaire Li Ka-shing. Hui Xian REIT, another property company linked to Li, had a $1.6 billion renminbi-denominated IPO in Hong Kong last year
King & Wood Mallesons is advising the issuer on Hong Kong and Chinese law. Allen & Gledhill is acting as Singapore counsel.
Underwriters DBS Bank, Standard Chartered and Macquarie Group are being advised by Allen & Overy and Beijing firm Commerce & Finance Law Offices.
HSBC Institutional Trust Services (Singapore) Ltd. is acting as trustee on the IPO, and has engaged Singapore firm Rodyk & Davidson for legal advice.
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