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Saturday March 2, 2013

KLCC Property to list biggest REIT in April


KUALA LUMPUR: KLCC Property Holdings Bhd, which owns Malaysia's iconic Petronas Twin Towers, is set to complete a restructuring and list in April the nation's biggest real estate investment trust (REIT).

The trust, three times larger than the next biggest Malaysian REIT, Sunway REIT, will not raise new money. The corporate restructuring was unveiled in November, creating a so-called stapled REIT by bundling existing shares of KLCC Property and units of KLCC REIT, in a bid to lure yield-hungry investors.

The restructuring will also help boost profits because of the REIT's income tax exemption.

KLCC Property Holdings will house assets in excess of RM15bil including the 88-floor Petronas Twin Towers. “They are looking at a market value of RM10bil to RM11bil,” said one of the sources, declining to be named.

CIMB Investment Bank Bhd and Citigroup Global Markets Ltd are the principal advisor and the international financial adviser, respectively, for the deal. Reuters

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