SC Approves IOI Properties REIT For Main Market Listing

KUALA LUMPUR, Aug 7 (Bernama) -- IOI Properties Group Bhd (IOIPG) has received the Securities Commission Malaysia’s (SC) approval for the establishment and proposed listing of IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) on Bursa Malaysia’s Main Market.

IOIPG said the REIT will have an initial fund size of 5.5 billion units and acquire a portfolio of properties for a total purchase consideration of RM7.57 billion. The consideration will be satisfied through the issuance of 5.5 billion units at 90 sen each and RM2.65 billion in cash, which will be funded through the issuance of sukuk.

The property portfolio comprises IOI City Mall, IOI City Towers and PFCC Towers, as well as Putrajaya Marriott Hotel, Le Méridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang.

The proposed offering comprises about 715.61 million units for retail investors and up to 1.48 billion units for institutional and selected investors.

-- BERNAMA