IOI Properties signs underwriting deal for proposed Malaysian REIT listing

Malaysia’s IOI Properties Group has agreed underwriting arrangements with six financial institutions for the planned flotation of IOIPG Malaysia Real Estate Investment Trust. The trust’s starting portfolio was valued at about RM7.66 billion as at May 31, 2026, according to a statement.

The banks will underwrite 165 million units covering an offer to the Malaysian public and a restricted allocation for eligible directors, employees and business associates. Those allocations can change under clawback and reallocation provisions.

The proposed IPO would offer up to 2.2 billion units, equivalent to 40 per cent of the trust’s 5.5 billion units upon listing. About 715.6 million units are earmarked for the retail tranche, while institutional and selected investors would be offered up to 1.48 billion units. Final allocations remain subject to clawback, reallocation and an over-allotment option.

The underwriting institutions are Maybank Investment Bank, AmInvestment Bank, CIMB Investment Bank, Hong Leong Investment Bank, RHB Investment Bank and UOB Kay Hian Malaysia. Maybank and AmInvestment also hold the joint principal adviser, global coordinator, bookrunner and managing underwriter roles.

Nine properties make up the initial portfolio: IOI City Mall, two office developments and six hotels. The mall provides net lettable space exceeding 2.5 million sq ft. Across the hotels, there are 1,920 guest rooms, with all six operating under Marriott International brands.

The office assets, IOI City Towers and PFCC Towers, together provide approximately 1.83 million sq ft of net lettable space. The underwriting agreement’s signatories were trust manager IOIPG Reit Management, sponsor IOI Properties and trustee MTrustee.