KUALA LUMPUR, May 11 (Reuters) - A Malaysian property developer plans to list the Pavilion Kuala Lumpur development whose assets are worth up to 5 billion ringgit ($1.7 billion), in what could be the country’s largest IPO of a real estate investment trust, the Business Times newspaper reported on Wednesday.
The report quoted unnamed sources as saying that Desmond Lim Siew Choon, who controls property developer Malton Bhd , could list Pavilion as early as end-2011. CIMB Investment Bank , Credit Suisse and Maybank Investment are handling the deal, it said.
Malton could not be immediately reached for comment.
The Pavilion Kuala Lumpur development includes a mall and residential units. The paper said its assets are worth between 4-5 billion ringgit and the mall is owned by Urusharta Cemerlang (KL) Sdn Bhd, a joint venture between Urusharta Cemerlang Development Sdn Bhd and Qatar Investment Authority.
$1 = 2.988 Malaysian Ringgit Reporting by Razak Ahmad; editing by Liau Y-Sing