Singapore, 16 October 2002 - Ascendas Land (Singapore) Pte Ltd ("Ascendas") and Australian-based Macquarie Goodman Industrial Management Pty Limited ("MGIM"), sponsors of A-REIT ("Sponsors"), today announced that Ascendas-MGM Funds Management Limited has received a Letter of Eligibility from the Singapore Exchange ("SGX") for the listing and quotation of units of A-REIT (the "Units") on the SGX-ST .
A prospectus has been lodged with the Monetary Authority of Singapore.
The Sponsors of A-REIT, Ascendas and MGIM also announced the appointment of Mr Goh Kok Huat as the Chief Executive Officer of Ascendas-MGM Funds Management Limited.
The eight properties are The Alpha, The Aries, The Capricorn, and The Gemini at the Singapore Science Park, Techplace I and II at Ang Mo Kio, Techlink at Kaki Bukit and The Honeywell Building at Changi Business Park.Mr Goh said, "We are excited with the opportunity of introducing the first business and industrial space real estate investment trust in Singapore.We believe that investors in the proposed A-REIT will be attracted by the stable distributions and long-term capital gains potential of a diversified portfolio of quality business and industrial properties catering to high value-added industries." Ms Chong Siak Ching, President and Chief Executive Officer of Ascendas Pte Ltd, said, "When listed, A-REIT will be the latest milestone in Ascendas' 12-year track record in pioneering high quality, total business space solutions to high value-added industries.35% of the outstanding Units immediately after the completion of the proposed IPO and before the exercise of the over-allotment option).The IPO is expected to be fully underwritten by JPMorgan, Salomon Smith Barney and DBS Bank at the IPO Price.