Singapore Press Holdings Ltd. (SPH) raised SGD$504 million (US$400 million) in an initial public offering, said two sources familiar with the transaction. SPH was a newspaper publisher and owner of the Paragon mall located in Singapore City's shopping belt.

SPH Real Estate Investment Trust (REIT) aimed to market the shares in the range of SGD0.85 to SGD0.90 per unit. The REIT was able to sell 559.9 million units each priced at SGD0.90, said the sources. According to a prospectus filed last week, as much as 56 million units can be reached by the sale.

At its current price per unit, the REIT offered a 5.79% yield. This rate was based on 2014 projections. SPH REIT received commitments from several investors for almost half of the shares sold. These investors included Morgan Stanley Investment Management Co. and Great Eastern Life Assurance Co.

Managing the sale were DBS Group Holdings Ltd., Credit Suisse Group AG, and Oversea-Chinese Banking Corp.