IOI Properties seeks shareholder approval for RM7.58bil REIT asset injection

IOI Properties Group is seeking shareholder approval to dispose of a RM7.58 billion portfolio of retail, hotel and office properties to its newly established IOIPG Malaysia REIT, ahead of a listing on Bursa Malaysia's Main Market. The portfolio includes IOI City Mall, six hotels and two office towers, with IOI City Mall accounting for RM5.10 billion of the consideration. The REIT will remain a subsidiary of IOIPG, which expects to retain at least 54% after the listing.