Pricing of the IPO is set for Feb. 27, with trading on the Singapore stock exchange slated for March 7.
The Mapletree REIT will consist of office and retail developments in mainland China and in Festival Walk, an up-market shopping center in Hong Kong's Kowloon area. It is controlled by Mapletree Investments Pte Ltd, which is owned by Temasek.
Festival Walk is focused mostly on retail commercial space, with tenants including Marks & Spencer, budget fashion company Hennes & Mauritz and an Apple Inc store, but it also has a four-storey office tower. Mapletree's Gateway Plaza in Beijing targets mostly corporate tenants, with two 25-storey office towers.
The Mapletree REIT plans to use all the proceeds from the offering to help fund the purchase of Festival Walk and Gateway Plaza from its parent company. In addition to the IPO funds, the REIT is also taking out a HK$12.15 billion ($1.6 billion) loan from six banks, including the four underwriters of the IPO, to finance the purchase.
Other offerings by business trusts and REITs expected in the coming months in Singapore include an up to $700 million IPO for GE Commercial Aviation Services' Aircraft Capital Trust, and an up to $600 million deal by Japan-focused retail real estate company Croesus Retail Trust.
REIT listings in Asia rose 21 percent to $9.64 billion in 2012 from $7.97 billion in 2011, according to the APREA data.
By comparison, the number of IPOs in Hong Kong plunged 64 percent in 2012 from 2011, while new listings in Singapore dropped 41 percent over the same period, according to Thomson Reuters data.
The Hang Seng REIT index in Hong Kong is up nearly 31 percent over the past year, while the FTSE Straits Times REIT index gained 35 percent over the same period, as investors flocked to the high-yielding securities to boost returns amid low global interest rates and volatile stock markets.
Cornerstone investors pledged to buy nearly $720 million worth of units on offer. The 11 investors included Asian insurer AIA Group, CBRE Clarion Securities and Norges Bank, the central bank of Norway.
Those investors agree to keep the shares for a