Link REIT said to weigh Singapore IPO of non-Hong Kong, China assets
Link Real Estate Investment Trust is considering a potential IPO in Singapore for its non-Hong Kong and China assets. Early discussions with advisers are ongoing, but the company may choose not to proceed. This move aligns with Link's strategy to diversify beyond property management, as it recently announced plans to expand into fund management. Despite a 27% rise in its market value to approximately US$13.7 billion this year, Singapore's IPO market has been sluggish, with only five companies going public in 2024.
(June 7): Link Real Estate Investment Trust is considering listing a REIT in Singapore that would include some of its properties outside of China and Hong Kong, according to people familiar with the matter.
Hong Kong-based Link has held early discussions with advisers on the potential initial public offering (IPO), the people said, asking not to be identified because the information is private.
Deliberations are preliminary and the company may decide to not proceed with a listing, the people said.
A representative of Link Asset Management, the manager of Link REIT, declined to comment.
A listing would come at a time when Link seeks to diversify from property management. The company announced in recent months that it would expand its business into fund management by working with capital partners. It has tapped John Saunders, the former head of Asia-Pacific real estate at BlackRock Inc, to lead the fund operation called Link Real Estate Partners.
Link REIT has risen 27% this year in Hong Kong, giving the firm a market value of around US$13.7 billion (RM57.9 billion).
Singapore’s market has been struggling to reverse a trend of delistings. Since the start of 2024, just five companies have gone public in the city, raising only US$39 million combined, data compiled by Bloomberg showed.
There are some green shoots. Japan’s Nippon Telegraph & Telephone Corp is working on a REIT IPO in Singapore that could take place this year, while US data security firm AvePoint Inc filed for a second listing in the city state in January, Bloomberg News has reported.
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