Qatar Investment Authority trims stake in Pavilion REIT

PETALING JAYA: Qatar Investment Authority (QIA), the single largest shareholder in Pavilion Real Estate Investment Trust (REIT), will be paring down its stake in the fund by 2.4% for RM125.8mil.

Based on a term sheet seen by StarBiz, the sovereign wealth fund of Qatar has offered to sell 74 million units in Pavilion REIT at RM1.70 per unit, by way of secondary placement.

The offer price represents a 4% discount to yesterday’s closing price of RM1.77 and a 2.5% discount to the one-day volume weighted average price of RM1.743 on Dec 9.

The shares will be traded today and credited to investors on Dec 12.

Maybank Investment Bank is the deal’s sole bookrunner and placement agent.

QIA owns 35.6% of Pavilion REIT, prior to the 2.4% stake disposal.

Pavilion REIT is one of the largest retail concentrated REITs in Malaysia, with its assets located in the golden triangle of Kuala Lumpur.

The assets are Pavilion Mall, Pavilion Tower, Intermark Mall, Da Men Mall and Elite Pavilion Mall.