Elite Commercial REIT prices IPO at $1.21 apiece

Its initial portfolio comprises 97 commercial buildings in the UK.

Elite Commercial REIT has registered a final prospectus for its offering and listing on the Singapore Exchange Securities Trading (SGX-ST) mainboard to raise $231.37m (£130.9m) in gross proceeds, offering about 114.69 million at $1.21 per unit, according to a press release.

The offering consists of an international placement of 108.98 units to investors, outside the United States of America and an offering of 5.73 million units to the public in Singapore.

The REIT’s initial portfolio comprises 97 commercial buildings across the United Kingdom (UK), primarily occupied by the Department for Work and Pensions (DWP).

Furthermore, clients represented by UBS AG, Singapore Branch and UBS AG, Hong Kong Branch, Bank of Singapore and CIMB Bank Berhad, Singapore Branch has also separately agreed to subscribe for a total of 77.83 million units for the same offering price.

The public offer in Singapore will open on 28 January until 4 February. Trading of the units in Elite Commercial REIT on the mainboard is expected to begin on 6 February.

OCBC and UBS AG Singapore Branch are the Joint Issue Managers for the Offering. Together with CGS-CIMB Securities Singapore, and CICC Singapore, they are also the joint bookrunners and underwriters for the offering.