IPO: KLCC Reit, The Next Big Reit IPO 2012

Malaysia's KLCC Property Holdings Bhd (5089.KU), which is partly owned by state-run oil and gas company Petronas Nasional Bhd, is seeking to raise as much as US$1 billion via a listing of a real estate investment trust, people familiar with the deal said.

Petronas has invited various local and international banks to submit their proposals for the REIT that will be based on KLCC Property's assets, which include the 88-storey Petronas Twin Towers, one of the world's tallest buildings, Suria KLCC shopping mall, Mandarin Oriental hotel and office buildings in Kuala Lumpur's central business district.

KLCC Property Holdings Bhd could list the REIT in a dual Malaysia-Singapore listing or list it in Malaysia only the source told. Malaysian brokerage and bank Maybank said KLCC Property was likely to inject its mature assets into the REIT first, and properties it is developing later on to ensure earnings stability.

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