SINGAPORE'S CapitaMalls Asia Ltd could raise about RM860 million from the listing of its Malaysian assets in a real estate investment trust (REIT) on Bursa Malaysia.
Held under CapitaMalls Malaysia Trust (CMMT), the portfolio is made up of Gurney Plaza in Penang, Sungei Wang Plaza in Kuala Lumpur, and the Mines in Selangor.
CapitaMalls Malaysia REIT Management Sdn Bhd is the manager of CMMT. At the prospectus launch in Kuala Lumpur yesterday, chief executive officer Sharon Lim said CMMT is Malaysia's largest listed "pure-play" shopping mall REIT by market capitalisation and property value.
According to its prospectus, CMMT has the right of first refusal for retail properties located in Malaysia that CapitaMalls Asia intends to buy and this includes the Gurney Plaza extension.
CapitaMalls Asia has set aside RM3.5 billion to acquire more shopping malls and retail properties in Malaysia. Asked on CMMT portfolio expansion, Lim replied, "we're going through a couple of evaluations. We can't reveal until they are concluded".
CMMT is offering 1.35 billion units for sale under the initial public offering (IPO). A total of 786.522 million CMMT units are being offered to institutional investors in Malaysia and overseas and to retail investors in Malaysia only.
CMMT's parent CapitaMalls Asia will retain a stake of 41.74 per cent. However, if an over-allotment option of up to 15 per cent of the offering is exercised, CapitaMalls Asia's stake in CMMT will drop to 33 per cent.
The retail offering in Malaysia consists of 67.5 million units made available for application by the Malaysian public and eligible directors and employees at the retail price.
The final retail price will be below the retail offer price of RM1.08 per unit or the institutional price less a discount of 2.0 sen.
At an indicative price of RM1.08, the retail offer will provide a distribution yield of 6.9 per cent to the prospective investor based on its distribution per unit of 7.45 sen for 2011.
By Business Times
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