Perennial China Retail Trust: the $776m IPO was 1.6X oversubscribed. However CEO Mr. Pua Seck Guan says he is encouraged by support from real estate specialists, long-only funds and private wealth funds (CBRE-RE, AEW, Henderson), who accounts for over 80% of the total offering. Results from the balloting will be out today, units will begin trading tomorrow..
According to their bookrunners, they expect PCRT to be trading at a 40%-70% discount to 2011E RNAV.
CEO has also provided more color on their projects. Their office towers are guaranteed a 7% net yield for the next three years by Shanghai Summit. They are also due RMB200m & RMB100m compensation should the S&PA for the Chengdu and Xi’an HSR sites are not signed within 1 year. They have also secured debt funding of $325m at 2.7% margin + SOR for their future projects.
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