Liquid real estate Issue 05
Indian Reits continue to tap Singaporean liquidity
The largest Indian realty firm seeking to list a Reit structure in the Lion City is also the country’s leading listed property firm. Delhi-based DLF is putting together a $1.5 billion Reit that is set to complete its Singapore initial public offering in the second quarter of this year, despite, in the words of one investment banker, "just truly appalling market conditions".
Two other domestic firms are also lining up to sell shares to global investors via Reit structures on the Singapore bourse.
Unitech, which is also listed on London’s AIM, plans to raise upward of $700 million via a Singapore listing. The Indian company has not yet finalized...
