Keppel-KBS US REIT launches US$448m Singapore listing

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SINGAPORE (Oct 25): Keppel-KBS US REIT has launched its US$448 million initial public offering in Singapore at US$0.88 a unit, according to a prospectus filed with the central bank on Wednesday.

The real estate investment trust, whose initial portfolio will comprise 11 office properties in the United States, is sponsored by a unit of Singaporean conglomerate Keppel Corp and US-based investment firm KBS Pacific Advisors.

Cornerstone investors, including Affin Hwang Asset Management Bhd and Hillsboro Capital, will buy 246.4 million units of the 509.1 million units on offer, the prospectus showed.

The listing would be Singapore's largest since July, when NetLink NBN Trust raised US$1.7 billion in its IPO, which propelled listings in the city-state to a multi-year high.