Saizen – UOB

Issue statistics

Offer size: 196.7m new shares(subject to the Over-allotment Option)
Public Tranche – 18.5m shares
Placement Tranche – 178.2m shares
Price: S$1.00

NAV per share (post-IPO): ￥79.78 (S$1.05)
Market Cap (post-IPO): S$472m

Open: 30 October 2007, 12.00 noon
Close: 5 November 2007, 8.00 a.m
Trading: 9 November 2007, 2.00 p.m

Lead Manager: Morgan Stanley, Credit Suisse

Background

Saizen REIT’s portfolio comprises 148 Initial Properties located in 12 regional cities throughout Japan with a total appraised value of ￥47.7 billion (approximately S$626.8 million). As at 31 August 2007, the Initial Properties have a total Gross Floor Area of 226,250 sq m, a total Net Lettable Area of 197,743 sq m and an occupancy rate of approximately 91.2%. Occupancy rates shown below are as at 31 August 2007.

Potential acquisition of 15 Additional Properties with a total indicative purchase consideration (excluding transaction costs) of approximately ￥5.4 billion (approximately S$71.4 million). Also considering the acquisition of over 40 properties worth approximately ￥20 billion (approximately S$263.0 million).

Saizen REIT’s distribution policy is to distribute at least 90.0% of Saizen REIT’s Distributable Income in each financial year. For Forecast Period 2008 and Projection Year 2009, Saizen REIT, to the extent possible, will distribute Distributable Income in excess of 90.0% in order to meet the Manager’s forecast and projection set out.

Forecast Yield

Forecast Period 2008 – DPU 4.67ct ; Annualised Yield 6.51%
Projection Year 2009 – DPU 5.65ct ; Yield 5.65%

Reference : IPO Prospectus