The Wall Street Journal
Lotte Department Store, South Korea’s largest department-store operator by revenue, is considering jumping on the trust-listing bandwagon in Singapore, and could raise at least US$1 billion.
The company is looking to list some of its retail mall assets in the form of a trust in Singapore, people with knowledge of the deal said Monday. The IPO is likely to be in the fourth quarter or early next year, they said.
The company’s spokesman declined to comment on whether it aims to list a trust in Singapore.
Singapore, which is the leader for initial-public-offering volumes in Southeast Asia this year, is a sought-after destination for trust listings because of strong demand from investors in the city. Trusts have accounted for more than 90% of the US$3.8 billion raised in the city so far this year, Dealogic data show, and two trusts are due to start trading on the Singapore Exchange S68.SG +0.53% this week.