KUCHING: Debuting on the Main Market of Bursa Malaysia Bhd (Bursa Malaysia) yesterday, Pavilion Real Estate Investment Trust (Pavilion REIT) became the largest retail REIT in Malaysia.
The opening price of Pavilion REIT was RM1.03 over its institutional price of RM0.90, with a trading volume of 15.7 million units, it said in a press statement.
The institutional offering attracted demand of approximately 28 times the number of units made available for subscription, following in that footstep, the retail offering brough in a subscription level of 7.5 times.
Pavilion REIT raised total gross proceeds of approximately RM710 million from the intial public offering (IPO).
“We believe this listing exercise will provide investors with an opportunity to invest in a REIT that provides stable distribution of income and strong capital appreciation potential,” said its chief executive officer Philip Ho.
“We are committed to enhance unitholders’ return and value both through the organic growth of our existing portfolio as well as visible growth via acquisitions. With the seasoned management team, planned asset enhancement initiatives, great brand image and a strong balance sheet, Pavilion REIT is well position to grow its business going forward,” he added.