Business
IOI Properties plans Malaysia REIT with assets worth $1.9 billion
* Reuters first reported in November that IOI Properties was exploring REIT listings in Malaysia and Singapore with a combined asset value of up to $8 billion. The Malaysian REIT was then expected to hold domestic assets worth about 7 billion to 8 billion ringgit.
* IOI Properties said in the filing that the proposed Malaysian REIT will have an initial size of 5.5 billion units, with IOI offering up to 2.2 billion units. The exercise is targeted for completion in the fourth quarter of 2026.
* At an indicative price of 90 sen a unit, the IPO could raise about 1.97 billion ringgit.
* IOI said gross proceeds from the disposals and offering would total about 4.62 billion ringgit, mainly to repay borrowings and fund project and property investment spending.
* Assets earmarked for injection include IOI City Mall, IOI City Towers, PFCC Towers, Putrajaya Marriott, Le Meridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang.
* Maybank Investment Bank and AmInvestment Bank are joint principal advisers, while DBS is a joint global coordinator and underwriter. ($1 = 3.9600 ringgit)
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