Soilbuild REIT establishes $375 million debt issuance programme

Visual from company website

Soilbuild Business Space REIT (Soilbuild REIT) has established an S$500 million ($375 million) Multicurrency Debt Issuance Programme, with DBS functioning as the sole arranger. Under this programme, marketable securities will be issued in tranches denominated in Singapore dollars or any other currency agreed between the Issuer and the relevant dealer(s).

The development comes within days of SB REIT Management Pte Ltd, the manager of Soilbuild Business Space REIT raising $67 million (S$90 million) by selling 111.8 million new units through a private placement. The units were placed at 80.5 cents apiece, the top end of an indicative range of 79.5 cents to 80.5 cents, the REIT manager had said in a regulatory filing earlier this week.  This represents a discount of 2.8 per cent to the volume weighted average price of trades in the units of this REIT, done on Singapore Exchange Securities Trading Limited for the full market day on 22 April 2015.

Related: Soilbuild REIT raises $67m in private placement of new units

Soilbuild REIT is a Singapore-focused real estate investment trust (REIT) with a portfolio of business parks and industrial properties that are used by industries engaged in manufacturing, engineering, logistic, warehousing, electronics, marine, oil & gas, research and development and value-added knowledge-based activities.

Property assets in its portfolio include Solaris in One-North, Eightrium @ Changi Business Park, Tuas Connection and West Park BizCentral, with a net lettable area of 3,334,324 square feet that currently has full occupancy.

Issued in various amounts and tenors and bearing interest at fixed, floating, variable or hybrid rates which can be negotiated between the dealer(s) and issuer, in the form of perpetual securities (i.e. perpetual bonds) that have no fixed maturities. Net proceeds from issuing Securities can be utilised in refinancing the existing borrowings of Soilbuild REIT and subsidiaries or financing/refinancing acquisitions, investments and projects involving Soilbuild REIT assets.

The global coordinators for this debt issuance programme are Citigroup Global Markets Singapore, DBS Bank and Oversea-Chinese Banking Corporation (OCBC). In addition, they are the issue managers, bookrunners & underwriters of the IPO of Soilbuild Business Space REIT.

Soilbuild has applied to the Singapore Exchange Securities Trading Limited (SGX-ST) for permission to deal in and quote securities which are listed on the SGX-ST, with approval currently pending for this IPO.

Also Read:

Are floating cities the future of ASEAN real estate?

MY realty deal book: Land acquisitions by IWX, Matrix Concepts, IJM & SDB

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.