Ascendas To Set Up $440M HK REIT

Property developer Ascendas is seeking to raise $300-400 million by listing its three Shanghai commercial properties in Hong Kong.

Property developer Ascendas is seeking to raise $300-400 million
by listing its three Shanghai commercial properties in Hong Kong, Reuters reports. The Singapore firm will list its assets in the form of a yuan-denominated real estate investment trust. BNP Paribas and BOC International will serve as joint book-runners for the deal. Ascendas currently has two REITs listed in Singapore, the Ascendas India Trust and the Ascendas Real Estate Investment Trust.

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