Perennial kicks off $862 million business trust IPO

Focusing on retail malls in China, Perennial China Retail Trust offers investors a unique opportunity to buy into property projects still under development.

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...

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