Listed on the Singapore Stock Exchange on Monday 4 November, The Trust Company is the trustee for the newly listed Singapore Real Estate Investment Trust (REIT) following the Initial Public Offer (IPO) of the Viva Industrial Trust in Singapore.
“Singapore continues to grow as a major regional hub for REITs and we are experiencing strong demand for our Singapore trustee services as well as trustee services for cross-border transactions,” said The Trust Company’s General Manager – Corporate Clients, Andrew Cannane.
The IPO of the Viva Industrial Trust further boosts the thriving Singapore IPO market, with a recent global report by accounting firm Ernst and Young naming Singapore as the second largest IPO market in the world in Q3 2013 – behind only the US – in terms of capital raised.
Viva Industrial Trust holds business parks and other industrial property in Singapore and raised S$463.3 million (approximately A$394.3 million).
Mr Cannane said, “The Trust Company is starting to see a pick up in momentum in IPO markets and hopes to see several other IPOs list before Christmas.
“The Trust Company has long recognised the potential of Singapore. Having established our Singapore office in 2006, we remain the only trustee with licences in Singapore and Australia and are able to provide our expertise in both markets to facilitate cross-border transactions between the two regional neighbours.
“With the pilot of the Asian Regional Funds Passport set to commence in January 2016, we expect to see cross-border flows continue to grow and we are uniquely placed to help clients across Australia, Singapore and New Zealand take advantage of this emerging regional collaboration,” he said.
Read article in the Australian Financial Review