DLF, Unitech defer real estate trust IPO plans again

14 June 2008

Mumbai: Real estate majors DLF Ltd and Unitech Ltd have deferred plans to list their real estate investment trusts (REIT) on the Singapore Stock Exchange amidst global market volatility.

A meltdown on the domestic market early this week affected realty sector the most as inflationary fears, rising input costs and concerns of hike in the interest rate dampened investor sentiment.

Reports quoting DLF officials said the realty firm had decided to hold back REIT listing plans till market conditions improve.

Earlier, in March, rival property developer Unitech had also put its plan for a REIT IPO on hold.

DLF had planned to list DLF assets, its real estate investment trust, in Singapore through an initial public offer, to raise about $1.5 billion.

The IPO, originally planned for the first quarter of 2008, was shelved then due to volatile market conditions. Unitech had also put its plan for a REIT IPO on hold in March this year.