SM Prime Holdings Inc., the shopping mall operations of the Sy family, said Friday it is looking to list its real estate investment trust next year in view of the weak market conditions this year.
SM Prime, confirming a report from the Philippine Star, said the planned REIT offering will likely be valued between $3.5 billion and $4 billion—potentially the biggest public offer on the Philippine Stock Exchange if it pushes through.
The REIT will initially own at least 12 of SM Prime’s 82 shopping malls in the Philippines. Those shopping malls, SM Prime said, could bring revenue of around $1 billion.
The company also owns seven shopping malls in China.
Philippine law requires REITs to declare at least 90 percent their distributable income as dividend to shareholders.
SM Prime eyes record-size initial public offering from REIT listing
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