IPO: Perennial China Retail Trust has set a lower indicative price range of $0.70-0.76 for its planned IPO to raise up to $840m. The trust is looking to offer 1.1b shares, of which 50% will go to cornerstone investors. Previously, Perennial had counted AIA Group & UK Prudential, CBRE GRES, Lion Global Investors among its cornerstone investors.
Pua Seck Guan, the ex CEO of CapitaMall Trust, is the founder of Perennial Real Estate, which is involved in real estate & related activities including fund mgt, asset mgt & retail mgt. Perennial’s property portfolio will initially comprise of retail malls in China, offersing pure-play exposure to the growth potential in retail rental & capital values in China, which is driven by urbanization & growth in disposable incomes.
Proceeds from the IPO will go toward financing the acqn of shopping malls in China, repaying debt & general working capital. Citigroup, DBS, Goldman Sachs & Stanchart are joint global co-ordinators of the deal.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment