Perennial China Retail Trust plans to raise S$776.2m from IPO - Channel NewsAsia Key Points

• Perennial China Retail Trust (PCRT) to raise S$776.2m in IPO.
• Units are priced at S$0.70 each.
• The business trust will develop retail space in China.
• Initial S$1.1 billion property portfolio of five properties in Shenyang, Foshan and Chengdu.
• Acquisition of around S$3.0 billion worth of assets in the pipeline.
• Projected annualised dividend yield of 5.30% for 2011 and 5.51% for 2012.
• PRCT is expected to commence trading on the SGX on 9 June.

Author's Note The business trust was supposed to list in March but has withdrawn the plan due to adverse market conditions. For this IPO, the unit price is set at the lowest end of the indicative price range from S$0.70 to S$0.76 due to "market volatility" in recent weeks.......