Parkway Life REIT – DJ

Parkway Life REIT IPO Prices At S$1.28/Unit; Raises S$370M‎

Parkway Life Real Estate Investment Trust has priced units at S$1.28 each in its Singapore initial public offering, according to a prospectus filed with the Monetary Authority of Singapore Tuesday.

The pricing confirms a report by Dow Jones Newswires last week that units would be sold in the upper half of an indicative range of S$1 – S$1.34 each.

The IPO, which will raise S$370 million, includes a public tranche of 5.9 million units and a shareholders’ tranche of 29.4 million units on the basis of one unit for every 20 shares of Parkway Holdings Ltd. (P27.SG).

The public offering opens at 1200 GMT Tuesday and closes at 0400 GMT on Aug. 13, while the offer to Parkway shareholders opens at 2300 GMT Aug. 12 and closes at 0845 GMT on Aug. 17.

Based on projected distributions, the trust will pay an annualized yield of 4.74% in 2007 and 4.88% in 2008.

The units are expected to begin trade on the Singapore exchange at 0600 GMT on Aug 23.

Citigroup Inc. and UBS AG are underwriting the offering.

Source : Dow Jones Newswires