Sunway REIT to Raise 1.5 Billion Ringgit in IPO

Sunway Real Estate Investment Trust, controlled by Malaysian property tycoon Jeffrey Cheah, is raising about 1.5 billion ringgit ($460 million) in Southeast Asia’s biggest initial public offering this year.

Malaysia’s largest REIT, a part of property and hotel group Sunway City Bhd., priced shares offered to institutions at 90 sen each, the low end of the 90 sen to 98 sen range marketed to investors, according to a term sheet sent to investors.