Sunway Reit raises $459 million, kicks off Malaysia Reit IPO trend

The deal attracts good demand from both domestic and international investors and will be followed this week by the spin-off of the Malaysian shopping malls owned by CapitaMalls Asia in a new Reit that will also be listed in Kuala Lumpur.

Sunway Real Estate Investment Trust, a Malaysian owner and operator of shopping malls and other commercial real estate, has raised M$1.49 billion $459 million from its initial public offering after attracting good demand from yield-hungry investors.

The deal, which is the largest IPO in Malaysia so far this year and the largest Reit IPO in Asia ex-Japan since 2007, was comfortably oversubscribed, but there was some price sensitivity in the book and the price was fixed at the bottom of...

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