BHG Retail Trust Management is looking to raise S$256 million ($180 million) in an initial public offering of its real estate investment trust with a portfolio of retail malls in China, its prospectus showed.

This would be the first REIT IPO in Singapore this year after several deals were pulled due to uncertain financial markets and concerns over potential U.S. interest rate hikes.

The firm, which is backed by Beijing Hualian Department Store, has roped in four cornerstone investors who have agreed to buy 169.6 million shares.

These investors are China Hi-Tech Holding Company, China Life Insurance Company, China Merchants Bank Asset Management and Chanchai Ruayrungruang.

The IPO will also separately sell 150.13 million share at S$0.80 a piece to institutional and retail investors. The offer price translates into a 2015 distribution yield of 5.7 percent and a 2016 yield of 6.3 percent, according to the prospectus.

Singapore's DBS Bank is the sole bookrunner. CICC is the lead manager while Bank of China, ICBC and United Overseas Bank are the co-managers.