GIC to acquire 5% stake in proposed Sunway City REIT

The Government of Singapore Investment Corporation (GIC) has agreed to acquire a 5 per cent stake in the proposed real estate investment trust of the Malaysian developer, Sunway City.

Sunway City said it has entered into a cornerstone agreement with GIC for the sale of 134 million units of the REIT.

In its stock exchange filing, Sunway City said GIC will buy the units at 98 Malaysian sen per unit or at the institutional price determined after book-building, whichever is lower.

Sunway City is planning to raise 1.6 billion ringgit (S$686 million) from IPO of REIT, which expected to be biggest in Malaysia.

When contacted, a spokesperson for GIC Real Estate said the company had nothing to add to the announcement on the Kuala Lumpur stock exchange.

Source : Channel NewsAsia – 31 May 2010

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