Charoen Sirivadhanabhakdi, Thai tycoon and the country's third richest man, announced plans of an IPO for Fraser and Neave (F&N) REIT. By listing a hospitality trust in Singapore in 2014, Charoen has aimed to raise USD500 million to help cover the debts he incurred as he fights to take control of F&N. The real estate investment trust has planned to hold service residences owned by F&N and hotels under Charoen's TCC Assets Ltd, including Singapore's InterContinental Hotel.

Sources said that the IPO is expected to raise at least $500 million and would be conducted in the first half of next year. The exact size of the IPO has not been determined as of press time. According to one of the sources involved in the deal, "The size would really depend on the portfolio and on what they want to inject into the REIT." Sources refused to be identified due to the confidential nature of the REIT.