Malaysia’s Pavilion Real Estate Investment Trust has secured six cornerstone investors ahead of its initial public offering, which started marketing to institutional investors on Friday. The cornerstones, which include domestic pension funds and insurance companies as well as pan-Asian insurer AIA, will buy 33.5% of the offering, according to the term sheet.
Pavilion Reit aims to raise between M$695 million and M$710 million $223 million to $228 million. If successful, it will be the fourth-biggest listing in Malaysia this year after Bumi Armada, UOA Development and MSM Malaysia Holdings, according to Bloomberg data. Ananda Krishnan-backed Bumi Armada raised $2.66 billion $888 million in a popular IPO in July....
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