Mapletree Investments Pte, a real estate firm owned by Singapore state investor Temasek Holdings Pte, has selected Citigroup Inc., DBS Group Holdings Ltd., and Morgan Stanley to lead an initial public offering that could raise at least S$1 billion ($780 million). The listing, potentially involving some of Mapletree’s assets, could occur as soon as next year, though details remain fluid. The company has not finalized which assets will be included, and additional banks may join later.
Mapletree declined to comment, referring inquiries to Temasek, which also did not respond. The firm reported a rare loss in its 2023–2024 fiscal year due to markdowns on office assets in the US, Australia, and Europe, and continues to face exposure amid China’s property downturn. Mapletree manages private funds and three listed REITs in Singapore.
Earlier merger talks with CapitaLand Investment Ltd. stalled over valuation and leadership disagreements. An IPO of this scale would provide a boost to Singapore’s sluggish equity market, where first-time share sales have dropped 17% year-on-year to $1.24 billion. The Business Times previously reported the potential listing.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing