Perpetual will act as a Singapore real estate investment trust (REIT) trustee for a $900 million initial public offering (IPO) of an Australian REIT, to be listed on the Singapore Exchange (SGX) from today.
The Australian Frasers Logistics and Industrial Trust (FLT) will raise more than S$900 million ($899 million), which would make it Singapore's biggest listing since 2013, with Perpetual (Asia) acting as a trustee.
This would be the fifth S-REIT trusteeship for Perpetual (Asia) that has over $11 billion in assets under administration as at 31 December 2015.
General manager, managed funds services, Andrew Cannane, said the IPO gave fund managers choice on where they listed their REITs.
"Owing to volatility, the S-REIT sector hasn't seen any new IPO's for 18 months until recently. The recent listing of two new S-REITs will give further impetus to the Singapore REIT market.
"We're expecting further S-REIT listings over the next 18 months, giving investors greater opportunity to invest in income producing vehicles that provide a strong inflation hedge," Cannane said.
FLT's portfolio at IPO now contains 51 logistic and industrial properties in Sydney, Melbourne, and Brisbane. The IPO portfolio is valued at $1.6 billion.