Lotte Shopping

Lotte Shopping

Postby winston » Wed Feb 05, 2014 8:06 pm

LOTTE GETS SINGAPORE NOD FOR MALL REIT: REPORT

The Singapore initial public offering (IPO) of some shopping malls of South Korea's largest mall owner Lotte Shopping has gained regulatory approval, said The Wall Street Journal late Monday night.

Quoting people with knowledge of the deal, the newspaper added that Lotte is testing investors' appetite for a trust containing some of its shopping malls in the coming fortnight, and will aim to list by the end of the first quarter.

The IPO could raise up to US$1 billion, reports have said. Lawrence Wong, Singapore Exchange (SGX) head of listings, said in a statement yesterday: "We constantly receive interest from intl companies with an Asian focus to list on SGX given our positioning as the gateway to the region."

Lotte's business includes department stores, supermarkets and cinemas. The company is listed on the Korea Exchange as well as the London Stock Exchange.

Bankers have commented that there is still ample liquidity in the market and in a low interest rate environment, investors still like the yields that Reits and trusts offer. However, in recent weeks, global markets have been hit by a bout of volatility.

Concerns about US tapering its bond purchases have also hit yield instruments. Higher rates make them comparatively less attractive, and also cause higher refinancing costs for the debt they hold.

Investors are thus becoming more discerning. They are looking more for a growth story instead of just reaching out for yield, bankers said.

Source: AmFraser
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