SINGAPORE, Sept 27 (Reuters) Tokyo-based property funds manager Re-plus Inc <8936.T> plans to raise up to 0 million in the Singapore listing of a property trust based on its China and Japanese office assets, banking sources told Reuters on Thursday.
The firm, which manages Tokyo-listed property trust Re-plus Residential investment <8986.T>, has chosen JPMorgan and Citigroup to arrange the initial public offer which is expected to raise between 0 million and 0 million.
The initial portfolio, valued at around 0 million, is expected to include Re-plus' two office buildings in Beijing.
''The listing is due early next year -- either in the first or second quarter,'' a source familiar with the deal said.
Bankers say Re-plus, which has a market capitalisation of around 0 million, wants to list a REIT in Singapore because Japanese-listed property trusts are not allowed to hold offshore assets.
A spokesman for Re-plus in Tokyo declined to comment but said the firm set up a Singapore office in July to manage its overseas assets.
Re-plus' trust is among a handful of upcoming real estate investment trusts (REITs) that are backed by Japanese assets.
A Hong-Kong based private equity group is said to have hired Credit Suisse and Morgan Stanley to raise 0 million via a Singapore listing of Saizen REIT, a property trust based on suburban residential buildings in Japan.
JPMorgan and Lehman Bros are believed to be helping Tokyo-based Asia Pacific Land Group to raise at least S0 million (5 million) from the divestment of some of its Japanese retail and office properties into a Singapore listed REIT.
REUTERS MP HS1559