OUE to kickoff $800 million IPO for hotel REIT, to hire CEO

Reuters 5 June 2013
(Reuters) – Overseas Union Enterprise Ltd will begin gauging demand for the listing of a hotel REIT that is expected to raise up to $800 million, sources said, as the Singapore property firm named a chief executive for the unit.
The listing could be the city-state’s third-biggest IPO this year, bolstered by strong demand for REITs and business trusts as investors look for steady income streams and attractive yields.
OUE said it would appoint Chong Kee Hiong, previously the chief executive officer of The Ascott Ltd, CapitaLand’s (CATL.SI) service apartment and hotel arm, to head the REIT, confirming an earlier report in the Business Times newspaper.
The company said in a statement it had received approval from the Singapore stock exchange for the REIT. OUE had put its shares on a trading halt on Wednesday ahead of the announcement.
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