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SINGAPORE, June 9, 2011 - (ACN Newswire) - Singapore Exchange ("SGX") welcomes the listing of Perennial China Retail Trust ("PCRT"), on the Mainboard, under the ticker symbol "N9LU", today.
"Perennial China Retail Trust's listing on the Main Board of the Singapore Exchange is a significant milestone not only for us but for the industry. As the only pure-play China retail real estate owner and developer listed in Singapore, PCRT offers investors the unique opportunity to participate in urbanisation-driven retail growth opportunities in China via a private-equity fund structure, typically accessible to only large institutional investors, but on a listed platform. In addition, PCRT marks the first Manager-sponsored trust in Singapore and we would like to thank MAS and SGX for their receptiveness to new ideas with the view to encourage entrepreneurship. We believe PCRT will set the stage for the building of a more vibrant marketplace for more Manager-sponsored trusts in Singapore," said Mr Pua Seck Guan, Chief Executive Officer, Perennial China Retail Trust Management Pte. Ltd
"We welcome Perennial China Retail Trust to the SGX family. It joins the growing rank of businesses with property and substantial assets that are leveraging on our REITs and Business Trust structure as a capital-raising avenue. As an international capital raising centre in Asia, we look forward to welcoming more of such listings on our Exchange," said Mr Lawrence Wong, Head of Listings, Singapore Exchange.
With a market capitalisation of S$785 million, PCRT brings the total number of REITs & Property Trusts listed on SGX to 27, with a combined market capitalisation of about S$41 billion.
About Perennial China Retail Trust
Perennial China Retail Trust ("PCRT") is Singapore's first pure-play PRC retail development business trust to be listed on the Main Board of the SGX-ST. PCRT's initial portfolio comprises five assets located in Shenyang, Foshan and Chengdu. The assets are Shenyang Red Star Macalline Furniture Mall, Shenyang Longemont Shopping Mall, Shenyang Longemont Offices, Foshan Yicui Shijia Shopping Mall and Chengdu Qingyang Guanghua Shopping Mall, and have a total gross floor area of approximately 960,899 sq m and a total valuation of approximately S$1.1 billion (approximately RMB5.9 billion) as at 31 December 2010. The Trust also has secured options to invest in a strong pipeline of prime commercial development sites directly connected to high-speed railway stations in Chengdu and Xi'an and a right of first refusal to a similar site in Changsha. Sponsored by Perennial Real Estate Pte. Ltd. (the "Sponsor") and managed by Perennial China Retail Trust Management Pte. Ltd. (the "Manager"), PCRT aims to provide its Unitholders with longterm capital growth from the steady growth of PCRT's net asset value per unit and regular distributions from stabilised income-producing assets.
Contact:
Joan Lew
Communications
Tel: +65 6236 8658
Email: joan@sgx.com
Carolyn Lim
Communications
Tel: +65 6236 8139
Email: carolyn.lim@sgx.com
Topic: IPO
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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