IOI Properties Files REIT Listing That May Raise $500 Million

IOI Properties Group Bhd. plans to establish a real estate investment trust holding its retail, hotel, and office assets, followed by a listing that could raise about 1.98 billion ringgit ($500 million) for the Malaysian developer.

The assets, worth a total 7.58 billion ringgit and includes properties such as IOI City Mall and W Kuala Lumpur, will be injected into the REIT, according to a stock exchange filing late Friday. The consideration will comprise 5.5 billion units issued at an indicative price of 90 sen each, along with 2.65 billion ringgit in cash.