Owners of Malaysia's most iconic buildings, KLCC Property Holdings Bhd, is set to list Malaysia's largest REIT this coming April. This is according to sources obtained by Reuters. Should the listing materialise, the KLCC REIT will be at least three times larger than the next biggest Malaysian REIT - Sunway REIT.
|The KLCC REIT is expected to be about RM10B - RM11B in market value|
The REIT will include the 88-storey Petronas Twin Towers which were at one time the world's tallest buildings. The REIT however will not be raising new money. What will be created instead is a so-called stapled REIT - made by bundling existing shares of KLCC Property and units of KLCC REIT. The management of KLCC Property Holdings have not commented on the speculations.