UPDATE 1-Mapletree Industrial IPO to raise up to $710 mln
* Mapletree Industrial to offer annualised yield of 7.6-8 pct
* IPO expected to be priced on Oct 8, starts trading Oct 21
* Mapletree Industrial IPO pits Temasek against GIC
By Harry Suhartono SINGAPORE, Sept 29 (Reuters) - Mapletree Industrial Trust, a property trust linked to Temasek [TEM.UL], is set to raise as much as S$940 million ($710 million) from its IPO in Singapore after it set a price range of S$0.88-S$0.93 a unit.
The trust, which owns factories and other industrial properties in the city-state, is selling 594.9 million units with an option to increase the offer by another 91.75 million units, according to a draft prospectus.
Cornerstone investors including insurers AIA and Prudential , UK fund manager Henderson and U.S. hedge fund D.E. Shaw will subscribe for another 322.6 million units.
The price range implies an annualised yield of 7.6-8.0 percent, according to the term sheet obtained by Reuters.
Mapletree Industrial will be managed by Mapletree Investments, a real estate company owned by Singapore state investor Temasek that already manages two other real estate investment trusts -- Mapletree Logistics and Lippo- Mapletree Indonesia Retail Trust .
Mapletree Industrial will begin roadshows on Sept 30 and pricing of the offer is expected to take place on Oct 8. The shares will likely begin trading on Oct 21.
The Mapletree Industrial IPO clashes with an ongoing share offer by Global Logistic Properties, a unit of Singapore's other sovereign wealth fund GIC, which is seeking to raise as much as $2.95 billion.
DBS , Citigroup , Goldman Sachs and Standard Chartered are bookrunners, issue managers and underwriters for the Mapletree Industrial IPO.
DBS and Citi are also involved in GIC's IPO alongside JPMorgan , UBS and CICC.
Source: Reuters