Bloomberg reports that the developer City Developments Ltd has filed an application to IPO a new REIT on the Singapore stock exchange:

Singapore’s City Developments Ltd. has included the London building housing HSBC Holdings Plc’s headquarters in a property trust offering in partnership with Qatar Investment Authority, according to people with knowledge of the matter.

City Developments seeks to raise about 500 million pounds ($705 million) from the REIT’s potential first-time share sale, which could take place as soon as the third quarter, said the people. The REIT will have a portfolio size of about 1.8 billion pounds, the people said, asking not to be named as the process is private.