HK Reit seeks premium pricing

Government markets landmark Reit at a premium to NAV. Retail investors will get an IPO discount.

The Hong Kong government began pre-marketing its inaugural Real Estate Investment Trust Reit this Monday in the hope of raising $2.5 billion to $3 billion via lead managers HSBC, Goldman Sachs and UBS. The deal marks the world's largest ever Reit IPO and the first major equity privatization by the Hong Kong government since its partial sell-off of the MTR Corporation in 2000.

The Reit comprises a portfolio of retail and car parking assets owned by the Hong Kong Housing Authority, which have been placed into a trust Link Reit that will pay out all rental income net of profits tax back to investors in the form of dividends....

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