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 the range. Another key reason for keeping the price low, said one source, is that it will be another two weeks before the Reit starts trading in Kuala Lumpur on July 8 and, if the...
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