India developer plans REIT in Lion city

Posted on | September 20, 2007

By REUTERS

MUMBAI: A sister company of Indian developer DLF Ltd has hired bankers to arrange a property trust IPO in Singapore, a company official yesterday, in a deal worth as much as US$2bil.

The planned real estate investment trust (REIT) by DLF Assets would be the second such offering on the Singapore stock market from India’s booming property market, following the popular July IPO by Ascendas India Trust.

A top DLF official, who asked not to be identified, said Goldman Sachs and Lehman Brothers were advising the company on the deal but declined to give further details.

The IPO would raise about US$2bil, India’s Business Standard newspaper reported yesterday.

A banking source told Reuters that “a lot of work” was being done on preparing the IPO, but it was too early to put a figure on the deal, which was unlikely to be launched until next year.

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