Malaysian tycoon's IOI Properties launches $515M IPO for real estate trust
IOI Properties Group, controlled by Malaysian billionaire Lee Yeow Seng, has launched an initial public offering for its property trust, seeking to raise about RM2.1 billion (US$515.7 million).
Malaysian real estate tycoon IOI Properties has announced a $515 million IPO for its real estate investment trust (REIT), marking the country's largest-ever offering in the sector. The IPO, set to list on Bursa Malaysia on November 25, values IOIPG Malaysia REIT at approximately RM5.3 billion, priced at RM0.96 per unit. IOI Properties is issuing up to 2.2 billion units, with 715.6 million allocated for retail investors and 1.48 billion for institutional investors.
The proceeds from the share sale will be used by the company, though the specific plans have not been disclosed. IOI Properties manages a portfolio of nine properties, including the country's largest retail mall, IOI City Mall, and six Marriott-branded hotels. As of May 31, IOI City Mall boasted over 2.5 million square feet of leasable space, with a remarkable 97.9% committed occupancy rate.
The REIT is projected to deliver a distribution yield of 6.6% for the fiscal year ending December 31, 2027. IOI Properties intends to retain up to 60% of the trust's units post-listing.
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