Perpetual’s IPO indicative of the strong demand for cross border trustee services.

The Initial Public Offer (IPO) of the Frasers Hospitality Trust in Singapore on Monday was indicative of the strong demand for cross border trustee services in the region, according to Perpetual.

Listed on the Singapore Stock Exchange on 14 July 2014, Perpetual Corporate Trust is the trustee for the newly listed Singapore real estate investment trust (REIT) and also trustee for the assets that the REIT holds in Australia – the Novotel Rockford Darling Harbour and Frasers Suites, Sydney.

Frasers Hospitality Trust holds hotels and serviced residences in Singapore and across the region and raised S$365.2million. The REIT also has a right of first refusal to purchase six further hospitality assets in Australia including Sofitel Sydney Wentworth, InterContinental, Adelaide, Hyatt Hotel Canberra, Fraser Place Melbourne, Capri by Fraser, Brisbane and Fraser Suites Perth.

“Singapore continues to grow as a major regional hub for REITs,” said Andrew Cannane, Perpetual’s General Manager Corporate Clients. “We continue to experience strong demand for our Singapore trustee services as well as trustee services for cross-border transactions incorporating Australian assets.”

Mr Cannane said Perpetual is currently working on a number of other S-REIT mandates that may list in the remainder of this calendar year.

The IPO of the Frasers Hospitality Trust further boosts the thriving Singapore IPO market, with a recent APREA report, sponsored by Perpetual, naming Singapore as one of the top two REIT markets in Asia Pacific due to its strong regulatory framework, reporting, valuation guidelines and governance in relation to related party transactions.

“Perpetual’s expansion into Singapore, following the acquisition of The Trust Company, means we are uniquely placed as the only trustee with licences in Singapore and Australia. Therefore we are able to provide our expertise in both markets and facilitate cross-border transactions between the two regional neighbours,” Mr Cannane said.

“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 will be well placed to help clients across Australia and Singapore take advantage of this emerging regional collaboration,” he said.

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JohannesburgSA

Investec Property Australia, a division of Investec Bank (Australia) Limited, is pleased to announce its intention to list Investec Australia Property Fund (“IAPF”) on the Johannesburg Stock Exchange (“JSE”).

The Fund, which is expected to list on 24 October 2013, will be listed under the Real Estate Holdings and Development sector.

Sam Leon, Non-Executive Director of IAPF, said: “Investec Australia Property Fund is a unique investment opportunity, offering South African investors direct exposure to the Australian property market and currency. The objective of the Fund is to invest in high quality, sustainable and well diversified real estate in Australia. The Fund at the outset is a solid, sustainable platform that is well positioned for growth.”

IAPF is an Australian domiciled real estate investment trust (“REIT”) with a property portfolio which consists of a diverse mix of industrial and commercial assets (eight in total) located across Australia. The properties are well located in major metropolitan cities or established commercial precincts in Australia and have long-term leases and quality tenants in place.  Furthermore, the Fund will be managed by an experienced and entrepreneurial management team on the ground in Australia.  The team’s solid track record coupled with its ability to leverage off the Investec platform provides the Fund with scope for significant growth in the future.

Graeme Katz, CEO of Investec Australia Property Fund, said: “The Australian property market has attractive opportunities and with a long term view, we are confident in the Fund’s ability toenhance value and deliver sustainable returns and long term capital growth for prospective unitholders.”

The Fund’s board comprises of an extremely experienced team, with a mix of South African and Australian members.

Further information is available in IAPF’s pre-listing statement.

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