27/7/2018 – KBS Realty Advisors, a commercial property industry leader based in the United States is considering its second real estate investment trust listing in Singapore.
The American real estate investment firm aims to raise at least US$1 billion from the potential sale of trust units that will be backed by more than 15 prime commercial properties.
KBS, which partnered Keppel Corp.’s asset management arm on a Singapore listing last year, is now in talks with firms based in the city-state to locate possible co-sponsors for a second REIT.
The potential initial public offering could take place as soon as in the fourth quarter.
According to Bloomberg, any deal would add to the US$3.1 billion of property trust IPOs in Singapore that has accumulated over the last three years, including Keppel-KBS US REITs US$448 million fundraising.
Aroundtown SA, the Luxembourg-based property investor, is also exploring spinning off some assets through a trust in Singapore.
KBS is one of the largest buyers of commercial real estate in the U.S. and has completed transactions exceeding $37 billion, according to its website. KBS-affiliated companies had more than $11.4 billion of assets as of March 31.
Founded in 1992, KBS Realty invests, manages, develops and sells US commercial real estate on behalf of pension funds, sovereign-wealth funds and other institutional investors.