Viva Industrial Trust debuts on Singapore Exchange

First day saw "keen" activity.

Viva Industrial Trust (Viva), a Singapore-focused business park and industrial trust comprising Viva Industrial Real Estate Investment Trust (VI-REIT) and Viva Industrial Business Trust (VI-BT), with the highest proportion of business parks of any listed industrial S-REIT, made its debut yesterday on the Main Board of the Singapore Exchange.

The counter saw keen activity as trading commenced, with 17.4 million Stapled Securities changing hands in the three hours between commencement of trading and market close. The stock closed unchanged from its initial public offering (IPO) price of S$0.78 per Stapled Security.

Mr Wilson Ang, Chief Executive Officer of the REIT Manager said, “Today’s listing marks a new corporate milestone for Viva, and propels us closer towards bringing our plans to fruition. Through active asset management, asset enhancement initiatives and a strong pipeline of ROFR properties, Viva will be able to make stable and growing distributions to our Stapled Securityholders. We want to thank all our new Stapled Securityholders for their support.”

Viva raised approximately S$463.3 million in gross proceeds in total through the IPO, and the issuance of Stapled Securities to Ho Lee Group Pte. Ltd. (HLG), through Ho Lee Group Trust, and Kim Seng Holdings Pte. Ltd. (KSH), through China Enterprises Limited; United Engineers Developments Pte. Ltd. (UED); and cornerstone investor Wealthy Fountain Holdings Inc (Summit SPV), an investment holding company that is ultimately wholly owned by Mr Tong Jinquan, who also controls Shanghai Summit (Group) Co., Ltd.

Mr Tong Jinquan said, “I am pleased to be a stakeholder of Viva, as I see good potential in its initial asset portfolio and am confident of the team’s ability to sustain a strong performance going forward. I am excited about Viva’s prospects and look forward to a fruitful partnership with it over the long term.”

Amongst other uses, the proceeds from the IPO and the issurance of Stapled Securities to its Sponsors, UED and Summit SPV, together with the S$292.0 million drawn down from its secured term loan facility and committed revolving credit facility, have been deployed for the purchase of properties in the initial portfolio, namely UE BizHub EAST, Technopark@Chai Chee and Mauser Singapore.

Standard Chartered Securities (Singapore) Pte. Limited is the sole financial adviser for the proposed listing. The joint global coordinators and issue managers are Standard Chartered Securities (Singapore) Pte. Limited, Merrill Lynch (Singapore) Pte. Ltd. and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch. The joint bookrunners and underwriters are Standard Chartered Securities (Singapore) Pte. Limited, Merrill Lynch (Singapore) Pte. Ltd., The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, CIMB Securities (Singapore) Pte. Ltd, Maybank Kim Eng Securities Pte. Ltd., and Credit Suisse (Singapore) Limited.

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