KBS Realty Advisors set for IPO of US REIT in Singapore
California-based KBS Realty Advisors is set to launch an initial public offering in Singapore, where it aims to raise around $500m. KBS said it would list US properties in cities including Seattle and Houston as a real estate investment trust (REIT) via a joint venture with local asset manager Keppel. Last year, Canadian insurer Manulife Financial listed a REIT in the country, raising $470m. Singapore’s stock market features 40 REITs that have a combined market value of $60bn.
It’s not unusual for U.S. real estate firms to go public. It’s unusual to do it all the way across the Pacific. California-based KBS Realty Advisors wants to raise around $500 million on Singapore’s stock market by listing some of its U.S. properties as a real estate investment trust through a joint venture with local asset manager Keppel.

The new public company would include close to a dozen U.S. buildings in cities such as Seattle and Houston, the Wall Street Journal reported.

Canadian insurer Manulife Financial listed a REIT in Singapore last year that raised $470 million and included U.S. properties. Singapore’s stock market includes 40 REITs with a combined market value of $60 billion.

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Last year a KBS-managed REIT became the first U.S. trust to raise bonds in Israel.

KBS’ New York City holdings include a Williamsburg rental building at 424 Bedford Avenue and a Financial District office building at 110 William Street. [WSJ] — Konrad Putzier