US real estate investment firm plans IPO — in Singapore

KBS Realty Advisors hopes to raise $500M

KBS' Peter Bren and Singapore's skyline
KBS' Peter Bren and Singapore's skyline

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.

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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.

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