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Clifford Chance advises on Singapore's largest pure-play US REIT IPO for 2019

24 July 2019

Clifford Chance advises on Singapore's largest pure-play US REIT IPO for 2019

Leading international law firm Clifford Chance has advised DBS Bank Ltd., Merrill Lynch (Singapore) Pte. Ltd., China International Capital Corporation (Singapore) Pte. Limited, Credit Suisse (Singapore) Limited, Maybank Kim Eng Securities Pte. Ltd. and Oversea-Chinese Banking Corporation Limited, as the Joint Bookrunners and Underwriters on the US$813 million initial public offering (IPO) by market capitalisation with an offering of 923,863,999 units in Prime US REIT on the Singapore Exchange.

This IPO is the largest year-to-date and the 3rd pure play US REIT listing on the Singapore Exchange in 2019, reflecting continued investor interest in the US real estate market. Pure play refers to a publicly traded company that is focused on only one industry or product.

Partner Raymond Tong and senior associate Ying Chiang Chong acted for the Joint Bookrunners and Underwriters on the transaction. Raymond offers, "Prime US REIT is the third pure-play US REIT listing on the Singapore Exchange in 2019, raising the largest amount among the three in gross proceeds. We are very proud to have advised the underwriters on a transaction of this scale and complexity, demonstrating that we are able to assist our clients in achieving their objectives even in challenging market conditions."

The firm has advised on many of the market's leading listings in 2019, including India's first ever REIT: Blackstone and Embassy's US$690 million IPO, Hong Kong's largest IPO to date in 2019: Shenwan Hongyuan Group's US$1.16 billion IPO, and Malaysia's largest offering in two years: Leong Hup International's US$247 million IPO.