On 28 March 2018, Sasseur Real Estate Investment Trust (Sasseur REIT) listed on the main board of the Singapore Stock Exchange (SGX), offering 267 million trust units in public and selling 495 million trust units to cornerstone investors at SGD 0.80 per trust unit. Sasseur REIT raised a total of about SGD 1 billion (about RMB 4.9 billion) through equity and debt financing. It is the first IPO deal on the SGX Main Board in 2018.
The sponsor of Sasseur REIT is Sasseur Cayman Holding Limited ("Sasseur Group"), a leading integrated group in China with outlet mall operation being its core business. After its listing, Sasseur REIT becomes the first SGX-listed retail brand based in Chongqing, and it is also the first REIT project under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity ("China-Singapore Connectivity Initiative") that bore fruit, playing a leading and exemplary role in promoting this initiative, as well as the “Belt and Road" Initiative in Chongqing and the Midwest region at large. The project attracted more than 10 renowned cornerstone investors, including DBS Bank, Credit Suisse, JD.com, Bangkok Life Assurance and SECOO Group. As the first outlet mall REIT listed in Asia, this project is rich of demonstration significance.
KWM, acting as PRC counsel for underwriters in the project, provided professional services in PRC law due diligence and compliance in terms of listing asset packaging, as well as professional advice on other issues related to PRC law. KWM team was highly acknowledged by underwriters, distributors and other advisors.
This project was led by partner William Jiang.