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First international REIT for Malaysia

Real estate investment trusts (REITs) are continuing to take hold in Asia, with Allen & Overy, Shook Lin & Bok (Allen & Overy’s Singaporean arm) advising on the initial public…

February 13, 2006 • By Lawyers Weekly
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Real estate investment trusts (REITs) are continuing to take hold in Asia, with Allen & Overy, Shook Lin & Bok (Allen & Overy’s Singaporean arm)advising on the initial public offering of 506.9 million units of Starhill REIT, the largest in Malaysia to date with a valuation of RM1.15 billion ($407 million).

 
 

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The firm advised ECM Libra Securities Sdn Bhd, the joint bookrunner for the institutional offer and the joint managing underwriter for the retail offer; DBS Bank and the Hongkong and Shanghai Banking Corporation as joint bookrunners for the institutional offer; and AmMerchant Bank Berhad, the joint managing underwriter for the retail offer and co-lead manager in the institutional offer.

The offering raised approximately RM513.2 million ($181.7 million). The units, listed on the main board of Bursa Securities, were sold in a public offering in Malaysia and also placed to institutional buyers outside the US, making Starhill REIT the first international REIT from Malaysia.

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