Tuesday, June 15, 2010

Sunway to be M'sia's biggest Reit IPO

(SINGAPORE) Sunway Real Estate Investment Trust (Reit) plans to sell shares for 90-98 sen (S$0.38-0.42) each in an initial public offering in Malaysia, according to a sale document obtained by Bloomberg News.

The company, controlled by property and hotel group Sunway City Bhd, began offering the shares yesterday as it seeks to raise as much as US$515 million in what would be Malaysia's biggest Reit IPO, according to the document. The sale is being managed by a group of banks led by Credit Suisse Group AG and RHB Capital Bhd.

The Malaysian property trust, which includes hotels and malls valued at RM3.7 billion, is set to be the biggest in the South-east Asian nation as it taps a resurgence in investor appetite for real-estate stocks amid an economic rebound from last year's recession. The funds will be used for acquisition of properties, according to the term sheet. Sunway Reit will determine the final price of the shares on June 25, and the company will begin trading in Malaysia on July 8, according to the document. -- Bloomberg

Source: Business Times, 15 Jun 2010

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