<article>Sasseur Asset Management Pte. Ltd has announced a plan to raise $300.4 million through the initial public offering and listing of units of Sasseur Real Estate Investment Trust (Sasseur REIT), a privately-owned outlet mall operator in China, on the Singapore Exchange.</article>

Sasseur Asset Management Pte. Ltd has announced a plan to raise $300.4 million through the initial public offering and listing of units of Sasseur Real Estate Investment Trust (Sasseur REIT), a privately-owned outlet mall operator in China, on the Singapore Exchange.
The IPO will remain open from March 21 to 26 while trading is expected to commence on March 28, according to its release.
Sasseur REIT is expected to fetch S$396 million ($300.4 million) from the offering with a market cap of S$944.2 million ($716.3 million).
Sasseur REIT will be the first outlet mall to be listed in Asia. Sasseur REIT&#8217;s portfolio comprises four retail outlet malls located in fast-growing cities in China such as Chongqing, Kunming and Hefei.
Sasseur Cayman Holding Limited, the sponsor of Sasseur REIT, counts L Catterton Asia Advisors and Ping An Real Estate Company Ltd. among its strategic shareholders.
Sasseur REIT has already secured commitments to the tune of S$182.8 million from 12 cornerstone investors including an affiliate of JD.Com, China&#8217;s largest e-commerce player by revenue. Participating investors include Bangkok Life Assurance Pcl, CKK Holdings Pte Ltd, Credit Suisse AG, DBS Bank, DBS Vickers Securities, Secoo Holding among others.
The cornerstone investors will subscribe to an aggregate 228,437,500, representing 46.1 per cent of the gross proceeds of the offering.
Xu Rongcan, founder, Sasseur Cayman Holding Limited, said, Sasseur REIT offers investors the opportunity to benefit from the strong growth potential in the fast-growing outlet mall industry driven by the growing consumption power of the expanding middle-class population in the PRC.
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Singapore: Sasseur REIT expects to raise $300m in IPO

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Singapore: Sasseur REIT expects to raise $300m in IPO

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