By Patrick John - Posted: 30 Jul 2013 9:04 PM

SINGAPORE: Developer Soilbuild Group Holdings is looking to raise as much as S$643 mil in an initial public offering (IPO) of its industrial and business properties.

Soilbuild Business Space REIT (Soilbuild REIT) will be offering 586.5 mil units at an indicative price range of 77 cents to 80 cents per unit, according to a preliminary prospectus filed with the Monetary Authority of Singapore (MAS).

Placement tranche 499 mil units will go to investors and institutions, while offered to the public 87.5 mil units.

Soilbuild's co-founder Lim Chap Huat has also offered to buy an additional 216.9 million units.

According to the prospectus, the trust expects to offer dividend yields of between 7.5% and 7.8% based on its 2014 projections.

REIT's initial portfolio will comprise 7  business space properties, including two business park developments and five industrial properties.

Soilbuild Group's construction arm Soilbuild Construction Group is listed on the SGX Mainboard.