MGCCT

MGCCT: the upcoming REIT IPO is said to be priced at $0.93, at the top end of the indicative $0.88 – 0.93 /sh range. The REIT will include the Festival Walk shopping mall in Hong Kong and Gateway Plaza office complex in Beijing. The sale will be the biggest REIT IPO in Singapore. Gross proceeds from the offering could be as much as $1.68b if an over-allotment option is exercised. Mapletree Investments will own 32 – 35% of the REIT after the sale. ~953 m of the 1.7 b shares will be sold to cornerstone investors, including AIA, Morgan Stanley, Henderson Global Investors, Myriad Asset Mgt and Norges Bank Investment Management, which runs Norway’s sovereign wealth fund. Citi, Goldman Sachs., DBS and HSBC are managing the offer.