Lee Shau Kee exits Suntec Reit through placement

The $100 million sale was done at a discount of less than 1%, but was still followed by a sell-off in the secondary market.

Hong Kong property tycoon Lee Shau Kee has sold his entire 5.3% stake in Singapore-listed Suntec Real Estate Investment Trust, raising S$153.3 million $100 million.

The sale, which was completed late Wednesday through a placement arranged by Citi, saw good interest from institutional investors and was priced at a tight 0.97% discount to that dayÆs close. Even so, SuntecÆs share price dropped 4.4% in the wake of the sale yesterday. To be fair though, the decline came on a...

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