Mapletree Industrial Trust

Mapletree Industrial Trust

Postby winston » Wed Sep 29, 2010 3:40 pm

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
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Re: Mapletree Industrial IPO

Postby kennynah » Wed Sep 29, 2010 3:58 pm

Mapletree Industrial Trust, a property trust linked to Temasek


i'm curious...is mapletree property under the same umbrella as mapletree industrial?
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Re: Mapletree Industrial IPO

Postby pierre07 » Wed Oct 06, 2010 8:38 pm

FACT SHEET:

MIT is a Singapore real estate investment trust (“REIT”) focused on real estate assets in Singapore primarily used for industrial purposes, excluding properties primarily used for logistics purposes. The Group is one of the largest industrial landlords in Singapore, and the IPO Portfolio includes 70 properties valued at S$2.1 billion with total GFA of appx. 1.5 million sq m and NLA of appx. 1.1 million sq m.

Issuer: Mapletree Industrial Trust (“MIT”)
Offer Type: Initial Public Offering of new units; Regulation S

Base Offer Units: 594,913,000 units (41% of Total Units) of which :
Public Offer : 106,145,000 units
Placement Tranche : 488,768,000 units

Cornerstone Units: 322,578,000 units (22% of Total Units)

Sponsor Units : 545,173,000 units (37% of Total Units, including 25% Mapletree Cornerstone Units) - See note 1

Over - Allotment Option: 91,749,000 units (10% of total Base Offer Units and Cornerstone Units)

Gross Proceeds (including Over-Allotment INCLUDING OA)
S$888.13m – S$938.59m

Lockup for Sponsor & Manager: 180 days

Price per Unit: S$0.88 to S$0.93

MARKET CAPITALISATION (INCLUDING Overallotment Option)
S$1,287.14m – S$1,360.28m

Distribution Yield (See note 2):
7.6% to 8.0% for FY2010/2011 from Listing Date to 31 March 2011(annualised)
8.0% to 8.5% for FY2011/2012

Listing Exchange: Singapore Exchange Securities Trading Limited (“SGX-ST”)

Indicative Timetable:
Institutional Roadshow: 30 Sep – 8 Oct
Book close 8 Oct (all regions) - JBRs reserve the right to close the book early
Expected allocation & MAS registration : 12 Oct
Public Offer: 13 Oct –18 Oct
Listing: 21 Oct (2pm)

Joint Global Coordinators : DBS and GS
Joint Bookrunners : DBS, GS, Citi and SCB
Note:
1 Before exercise of Over-Allotment Option
2 Based on the Maximum Offer Price of S$0.93 and the Minimum Offer Price of S$0.88
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Re: Mapletree Industrial IPO

Postby Blackjack » Thu Oct 07, 2010 8:29 pm

I would be more interested in Mapletree Commercial Trust instead, owing to Vivocity. Feel that this would be the only other prime retail area that can compete effectively with Orchard Road.
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Re: Mapletree Industrial IPO

Postby Chinaman » Sun Oct 10, 2010 3:27 pm

Contemplating to buy a few lots of MIT IPO..... wed 13/10 open plate liao.....dunno any sifu here can offer some views.

My cash in FD is idling w/o interest....many thanks.
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Re: Mapletree Industrial IPO

Postby pierre07 » Wed Oct 13, 2010 12:15 pm

the demand is very hot. can just hoot and sell on first day. can make some kopi $$ but dont expect alot.

Personally, i think there are other reits which offer better yield than this one. but this one should be able to open at a premium on first day given that the demand is so hot. Just sell on the first day!
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Re: Mapletree Industrial IPO

Postby winston » Mon Oct 18, 2010 6:49 pm

Not vested. From Lim & Tan

Three key points made by Tham Kuo Wei, CEO of MIT’s manager as reported by the latest issue of The Edge are worth highlighting:

a. MIT has a more stable rental profile than AReit, with 54% of its portfolio in flatted
factories and 20% in business parks,
which is just the reverse for A-Reit, which is the most highly valued of the listed industrial reits here, based on its “lowest” yield of 6.5%. (At 93 cents, MIT offers yield of 7.6% for the period ending Mar ’11 and 8% for ye Mar ’12.

b. Rental caps on lease renewals at all of MIT’s nonbusiness parks assets will cease to apply after Jun ’11, thus allowing for increased rental revenue.

c. The relatively high 38.7% gearing is largely due to the fact that all the industrial properties developed by Mapletree Investments, MIT’s sponsor and major shareholder, and which are suitable to be listed are “already in MIT”, ie MIT will unlikely be making acquisitions any time soon.

MIT is attractive.
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Re: Mapletree Industrial Trust

Postby winston » Mon Oct 18, 2010 7:06 pm

Not vested. From Kim Eng:-

Mapletree Industrial Trust (IPO price at $0.93)

MIT stands out among other industrial REITs for its large market capitalisation of $1.36b, diversified portfolio and more importantly, a high and stable distribution yield of 7.6‐7.8%.

In the near term, DPU growth will be driven largely by positive rental reversions and organic growth.

http://www.remisiers.org/cms_images/ssu18102010ke.pdf
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Re: Mapletree Industrial Trust

Postby winston » Fri Oct 22, 2010 12:11 pm

Not vested

Singapore Hot Stocks-Mapletree Industrial down on profit-taking

SINGAPORE, Oct 22 (Reuters) - Shares of Mapletree Industrial Trust , which owns factories and other industrial properties in Singapore, fell as much as 4.3 percent on Friday due to profit-taking after a strong debut the previous day.

At 0250 GMT, Mapletree shares were trading at S$1.12 on a volume of 58.8 million shares.

"It's profit-taking because it's gone up too much. The IPO price was S$0.93 and it went up by more than 20 percent on the first day of trading, so for a single day it could be too high," said a local trader.

Mapletree surged as much as 29 percent above its IPO price to hit S$1.20 on Thursday as investors were drawn by its high dividend yield amid rock-bottom
interest rates.

Source: Reuters
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Re: Mapletree Industrial Trust

Postby winston » Tue Oct 26, 2010 12:20 pm

Notvested

Singapore Hot Stocks-Mapletree Industrial falls on profit taking

SINGAPORE, Oct 26 (Reuters) - Shares of Singapore's Mapletree Industrial Trust fell 2.8 percent on Tuesday, in its third-straight session of losses as investors took profit after a sharp rise on its market debut last Thursday.

At 0320 GMT, Mapletree Industrial's shares were traded at S$1.06, with over 37.7 million changing hands.

"There was some overzealous buying on its first trading day, and its shares were way overvalued. There was a lot of fan fare over its 7 percent yield, but don't forget, ultimately, price and yield are inversely related," said a local trader.

He added that Mapletree Industrial's fair value is likely to be about S$1.05.


Source: Reuters
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