Perennial kicks off $862 million business trust IPO

Perennial China Retail Trust (PCRT), a business trust focusing on the development and operation of retail malls in China, Hong Kong and Macau, has set the terms for its initial public offering and will kick off the investor roadshow today. The trust is seeking to raise S$1.1 billion ($862 million) from the sale of 98% of its share capital to public investors and seven cornerstones at a fixed price of S$1 per unit.

The listing vehicle is sponsored by Perennial Real Estate, a Singapore-based company involved in various real estate-linked businesses including development, investment, asset management and capital raising. Perennial was founded in 2009 by well-known Singapore entrepreneur Pua Seck Guan, who has a long background with the CapitaLand group where among other things he ran the retail property unit. The latter has since been transformed into CapitaMalls Asia, which like PCRT is involved in the development of retail malls.