Manila's SM Prime plans up to $500 mln REIT offer

MANILA, April 27 Tue Apr 27, 2010 3:42am EDT

MANILA, April 27 (Reuters) - SM Prime Holdings Corp (SMPH.PS), the Philippines' biggest mall developer, plans to raise as much as $500 million from an offer of real estate investment trust (REIT) sometime in the second half.

The company's board has authorised the management to pursue the offer, Jeffrey Lim, SM Prime chief finance officer told reporters on Tuesday.

"We are in the process of selecting an international valuation company and from that we will select the mix of assets that we will put into the REIT," he said. ($1 = 44.4 pesos) (Reporting by Rosemarie Francisco; Editing by Anshuman Daga)

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