JD.com-Backed Group Is Said to Pick Banks for IPO of Singapore REIT

A unit of e-commerce company JD.com Inc. and partners have picked financial advisers including Bank of America Corp., DBS Group Holdings Ltd. and UBS Group AG for an initial public offering of their Singapore-based real estate investment trust, according to people with knowledge of the matter.

The REIT, which will feature Southeast Asian assets of JD Property Inc., Swiss investment firm Partners Group Holding AG and Hillhouse-backed EZA Hill Property Management Pte., could raise about S$1 billion ($775 million) in an IPO, the people said, asking not to be identified because the process is private.