KUALA LUMPUR, YTL Corporation Berhad (YTL Corp), via its subsidiary Pintar Projek Sdn Bhd, today launched the Prospectus for the initial public offering of 509,599,000 new units representing undivided interests in Starhill Real Estate Investment Trust (Starhill REIT). Pintar Projek Sdn Bhd is the Manager for Starhill REIT.
The initial public offering (Offering) comprises a retail offer and an institutional offer, with a combined total of 509,599,000 units available under the Offering. A total of 29,999,000 units will be offered to the Malaysian Public under the retail offer (Retail Offer) and the remaining 479,600,000 units will be available to Malaysian and foreign investors under the institutional offer (Institutional Offer).
The final retail price (rounded up to the nearest sen) will be the lower of the retail offer price of RM0.98 per unit (Retail Offer Price) or 95% of the institutional offer price, to be determined by way of bookbuilding.
Starhill REIT has an approved valuation of RM1.15 billion and comprises YTL’s prime properties situated in Bukit Bintang, namely Lot 10 Shopping Centre, the newly-refurbished Starhill Gallery and the adjoining JW Marriott Hotel Kuala Lumpur.
Potential investors are expected to benefit from the stable distributions and future growth of rental rates generated by the aforesaid properties of Starhill REIT. Based on a Retail Offer Price of RM0.98 per unit, the forecast gross yield for Starhill REIT is as follows:-
|For the financial period ending 30 June