Mapletree Greater China Commercial Trust (MCCT)

Upcoming IPO: Mapletree Greater China Commercial Trust (MCCT) has secured 10 cornerstone investors for its planned IPO in Singapore, according to newswires. The REIT, sponsored by Mapletree Investments, has also set an indicative price range of $0.88 - 0.93 per unit. It could raise more than $1.6b. Cornerstone investors--which include AIA, CBRE, Henderson Global Investors and Morgan Stanley Investment Management--have agreed to invest about $885m at $0.93 a unit. MCCT --which will be Mapletree Investments' 4th REIT--will take orders from institutional and retail buyers from Monday ahead of a listing in early Mar. The IPO will be Singapore's largest since HPH Trust raised US$5.5b in Mar 2011. It will also be Singapore's biggest-ever REIT listing--topping MCT’s $949.5m IPO in Apr 2011. Mapletree Investments, owned by Temasek, will sell two properties to its latest REIT: The Festival Walk retail and office development in Hong Kong and the Gateway Plaza office building in Beijing. The developer bought Festival Walk, a seven-floor shopping mall and Grade-A office tower, in 2011 for US$2.4b from the real-estate arm of Hong Kong's Swire Pacific.