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Saturday, June 26, 2010

Sunway REIT IPO well received

PETALING JAYA: Sunway Real Estate Investment Trust (Sunway REIT) initial public offering of 1.52bil units was well received and the order book was fully covered despite a cautious sentiment and volatility in the equity markets.

In a statement yesterday, Sunway REIT Management Bhd (the manager) said the deal, which was signed yesterday, was set to raise RM1.49bil, mainly from key domestic as well as international institutional and high networth investors.

It said the institutional offering was priced at 90sen per offer unit and the retail offering was priced at 88sen per offer unit.

The implied market capitalisation of Sunway REIT upon listing, based on the institutional price and 2.68bil issued units, would be approximately RM2.41bil, positioning Sunway REIT as the largest Bursa Malaysia-listed REIT.

It added that upon listing, Sunway REIT property portfolio would include eight of Sunway City Bhd’s existing prime properties situated in Penang, Perak, Selangor and Kuala Lumpur.

By The Star

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