France’s Praemia REIM is considering listing a healthcare real estate investment trust (REIT) in Singapore, according to people familiar with the matter, adding to a slew of potential deals that could revive the city-state’s anemic market for initial public offerings.
The hospital assets included in the REIT may be worth US$2 billion ($2.68 billion) to US$3 billion, the people said, asking not to be identified because the deliberations are private.
The real estate investment firm may seek to raise several hundred million dollars from the first-time share sale, they said.
The Paris-based company has held talks with prospective arrangers to help prepare for a potential listing that could take place as soon as 2025, the people said.
Deliberations are ongoing and certain details could still change, they said. A representative for Praemia declined to comment.
Praemia REIM has been eyeing an expansion into Asia, one of the people said. The firm earlier this year had approached investors in Asia, including some players from Singapore, to commit financing for an acquisition of a French healthcare landlord.
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A listing of Praemia’s healthcare real estate assets would inject some momentum into Singapore’s IPO market, which has only seen four listings this year, raising a total of US$34.4 million.
Other potential big listings in the pipeline include Japan’s Nippon Telegraph & Telephone Corp., which is considering listing a global data centre REIT that could raise up to US$1 billion, Bloomberg News reported in September.
Praemia REIM manages over EUR37 billion ($52.25 billion) in assets and has more than 1,600 properties across Europe, according to its website. Nearly half of its real estate portfolio consists of assets in the healthcare and education sector.
