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Friday, January 18, 2008

SunCity hires advisers for REIT

SUNWAY City Bhd (SunCity) has hired four investment banks, including RHB Investment Bank Bhd, to help the company set up and list a property trust that has been touted to be the country's biggest.

It also appointed CIMB Investment Bank Bhd, US bank Goldman Sachs and Swiss lender UBS, SunCity said in a statement yesterday.

They will also help SunCity plan how to grow its property trust.

Ngeow Voon Yean, managing director of SunCity's property investment division, said last month that the real estate investment trust (REIT), with some 10 properties, would be valued at RM4 billion.

"The listing will unlock the value of SunCity's portfolio of investment properties, and this will provide further resources necessary for the company to realise its full potential," he said in the statement released yesterday in Kuala Lumpur.

The company has yet to decide where to list the REIT. Ngeow had said that it could be in Malaysia or Singapore.

"The proposed REIT exercise will also streamline the group's businesses. The group will then focus on property development, while properties held for long-term yield will be disposed off to the proposed REIT," SunCity said in a separate statement to Bursa Malaysia.

The company will only decide and announce details of the REIT later.

By New Straits Times

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