SINGAPORE: Sime Darby wants to list the bulk of its Australian industrial property portfolio on the Singapore stock exchange.
The group, which had quietly marketed more than AD300 million (RM920 million) worth of its property assets to institutions via CBRE (Commercial Real Estate Services Group), will now undertake a reverse takeover of Singapore-listed Saizen Real Estate Investment Trust, according to a report in The Australian.
It would then, said the report, pump the properties drawn from Sime Darby Industrial’s business, which sells and rents Caterpillar equipment across Australia, into the fund.
The deal will leave the Singapore-listed trust with a capitalisation of at least SD300 million and give Sime Darby a means of expanding its local holdings.
The portfolio that was first taken to market spanned about 13 properties, concentrated in Queensland and the Northern Territory, The Australian report said.
Singapore REITs have rapidly assembled a large presence in the local industrial property market, said the report.