Singapore Press Holding Ltd expressed their plans to raise at least S$523 million or US$409 million through the spinning off of some of its property assets through a real estate investment trust.

The SPH REIT (Singapore Press Holdings Real Estate Investment Trust), the name of the trust will include the luxury Paragon mall located at the prime shopping district of Orchard Road and the suburban Clementi Mall.

SPH expects to come up with gross proceeds between S$523 million and S$554 million. The amounts are based on the price range set of S$0.85 to S$0.90 per REIT unit.

Credit Suisse was hired as the sole coordinator and issue manager for the trust. They are also acting as an underwriter with DBS Bank and the Oversea-Chinese Banking Corp.

The Singapore Press Holdings Ltd. is a media group with business in print, internet and new media, television and radio. They also deal with business in outdoor media and property.