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SG Local Trustee taps into Singapore IPO market

Property Here - Wednesday, November 06, 2013

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The Trust Company continues to see strong demand for its services across the region following the Initial Public Offer (IPO) of the Viva Industrial Trust in Singapore.

Listed on the Singapore Stock Exchange on Monday, The Trust Company serves as the trustee for the newly listed Singapore real estate investment trust (REIT), which has business parks and other industrial property in the city-state and raised S$463.3 million.

“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 Andrew Cannane, The Trust Company’s General Manager – Corporate Clients.

The IPO of the Viva Industrial Trust gave the Singapore IPO market a boost resulting to Singapore being named as the world's second largest IPO market in Q3 2013 by accounting firm EY.

Meanwhile, The Trust Company noted an increase in momentum in IPO markets, said Canane, adding that it expects to see 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 we are able to provide our expertise in both markets and 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.