07 Jun '11, 4pm

PCRT's IPO 1.6 times subscribed

SINGAPORE : The initial public offering of Perennial China Retail Trust (PCRT) has gained strong interest from both institutional and public investors. PCRT said in a statement that the S$776.2 million IPO was 1.6 times subscribed. The trust added that its initial eight cornerstone investors make up 46.1 per cent - or 516.6 million units - of PCRT upon completion of the offering. Together with the additional units subscribed by one of the cornerstone investors, Shanghai Summit, and the subscription by Perennial Real Estate, the parties are set to hold 60.8 per cent of PCRT. "We are especially encouraged by the strong support from real estate specialists, long-only funds and private wealth funds who account for over 80.0 per cent of the total offering," said Mr Pua Seck Guan, chief executive officer of Perennial China Retail Trust Management. "This underscores not only the ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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