Prime US REIT ("PRIME"), a Singapore real estate investment trust, is pleased to announce that it has commenced trading at 2.00 p.m. today on the Main Board of Singapore Exchange Securities Trading Limited (the "SGX-ST") under the stock code "OXMU". PRIME closed at US$0.88 per Unit, and a total of 10,723,800 million units were traded today.
Charles J. Schreiber, co-founder of KBS and Chairman of the Board of Directors of KBS US Prime Property Management Pte. Ltd., the manager of PRIME (the "Manager"), said, "Our successful listing in Singapore is a testament to the market's recognition of PRIME's attractive value proposition and quality investment portfolio. Supported by the KBS presence in the U.S. commercial sector, with the strong synergies with our established partners in the Manager, we are confident of PRIME's future growth."
Barbara Cambon, Chief Executive Officer and Chief Investment Officer of the Manager, said, "We are very encouraged by the warm reception from the investment community. This is the beginning of our new chapter – where we will focus on long-term value-driven growth for our Unitholders."
PRIME's Initial Public Offering of 335,203,200 Units comprised 294,294,200 Units offered to investors outside the U.S. ("Placement Tranche") and 40,909,000 Units to the public in Singapore (the "Singapore Public Offer"). Total indications of interest received for both the Placement Tranche and Singapore Public Offer was an aggregate of 393,441,636 Units. Based on the 335,203,200 Units available for subscription under the Offering (excluding the Over-Allotment Units), the Offering was overall 1.2 times subscribed.
Concurrently with, but separate from the Offering, PRIMEhas secured commitments from nine cornerstone investors who have subscribed for 360,251,800 Units (the "Cornerstone Units"), representing a 39.0% stake in PRIME.
Similarly, concurrently with the Offering, KBS Real Estate Investment Trust III, Inc., which has sold the initial portfolio to PRIME, has made an indirect investment through KBS REIT Properties III LLC of an aggregate of 307,953,999 Units into PRIME (comprising subscription for 228,408,999 Units pursuant to a subscription agreement and allocation of 79,545,455 Units under the Placement Tranche), representing approximately 33.3% stake in PRIME, demonstrating strong commitment and alignment of interest between the REIT, Unitholders and the Sponsor.
DBS Bank Ltd. is the Sole Financial Adviser and Issue Manager for the Offering. DBS Bank Ltd. and Merill Lynch (Singapore) Pte. Ltd. are the joint global coordinators for the Offering. The joint Bookrunners and Underwriters of the Offering include DBS Bank Ltd., Merrill Lynch (Singapore) Pte. Ltd., China International Capital Corporation (Singapore) Pte. Limited, Credit Suisse (Singapore) Limited, Maybank Kim Eng Securities Pte. Ltd. and Oversea-Chinese Banking Corporation Limited.