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Author Topic: Pavillion REIT Ipo !!!!!!  (Read 6763 times)
SKL99
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« on: November 10, 2011, 02:34:10 PM »

sifu'sssss any comment on this new ipo ,
got kang tau Huh Can huat ar ....Huh
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« on: November 10, 2011, 02:34:10 PM »

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HONGKIE
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« Reply #1 on: November 10, 2011, 02:35:09 PM »

slow and steady type.
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SKL99
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« Reply #2 on: November 10, 2011, 02:39:41 PM »

any effect on malton...... hantam malton better
I think ........ am I right?
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« Reply #3 on: November 15, 2011, 09:01:59 PM »

 Clap Thumbs Up Thumbs Up
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KUALA LUMPUR: Main Market-bound Pavilion Real Estate Investment Trust (Pavilion REIT), which has decided to list on Dec 7 in spite of market volatility, may take at least two more malls in the Klang Valley into its fold by 2015.

“We [Pavilion] will be looking at potential injections [into the REIT] maybe in 2013,” Philip Ho, CEO of Pavilion REIT Management Sdn Bhd told reporters at its prospectus launch yesterday. “Potentially, the first acquisition will be Fahrenheit88, depending on the valuation and the yield [in the future],” he said, adding that Pavilion is giving itself 18 to 24 months to evaluate Fahreheit88, the refurbished KL Plaza, given that the mall is still relatively new.

It has right of first refusal (ROFR) to Fahrenheit88, an extension of Pavilion Kuala Lumpur and a new shopping mall to be built in USJ Subang Jaya. The acquisitions of the extension to Pavilion and the mall in Subang Jaya could take place in 2014 or 2015 once both projects are completed. Both developments are undertaken by the sponsor company, Urusharta Cemerlang Sdn Bhd.

Pavilion REIT’s portfolio currently consists of Pavilion Kuala Lumpur mall and the 20-storey office building Pavilion Tower, which have a total appraised value of about RM3.5 billion. As at June 30, Pavilion KL was about 98.5% occupied while the occupancy rate at Pavilion Tower was 64.5%, including committed tenancies that had yet to commence.

Upon listing, the REIT will have RM730.6 million debt, about 20.1% of its estimated total asset value, giving it headroom to gear up further with the debt ceiling set at 50% of total asset value.

 
As at June 30, Pavilion Kuala Lumpur was 98.5% occupied.
“Normally people have about 30 to 35% net gearing. We are a little bit conservative,” Ho said, adding that the current level of debt takes into consideration future potential acquisitions and opportunities.

Pavilion REIT, which is paying RM3.32 billion in cash and new units for the two assets, is looking to raise about RM700 million from selling 26.33% of itself or 790 million units at prices indicated between 88 and 90 sen per unit. Cornerstone investors will pay 90 sen per unit or the institutional price, whichever is lower, while retail investors will pay a maximum of 88 sen per unit, a discount to the final institution price. The final price will be set on Nov 23, with its listing slated for Dec 7.

The REIT is forecast to give a yield of 6.51% for FY12, using the 88 sen tentative retail price. This is based on the REIT achieving a forecast net property income of RM220 million on revenue of RM314.4 million and RM172.1 million distributable income for FY12 ending Dec 31, 2012.

The manager intends to distribute at least 90% of its distributable income on a half-yearly basis, but says it will distribute 100% of its distributable income for the period from its listing to Dec 31, 2012, according to its prospectus.

Maybank Investment Bank Bhd CEO Datuk Zafrul Tengku Aziz said the REIT, poised to be one of the year’s largest listings, will appeal to investors seeking safety in yields. “I think even with the market conditions now, [the] market is looking at companies that are stable and [can] give a stable yield.

 
(From left): CIMB Group corporate & investment banking deputy CEO Datuk Charon Wardini Mokhzani, Pavilion REIT Management S/B ED Datuk Lee Tuck Fook, Pavilion ED Datin Cindy Lim, Pavilion CEO Philip Ho and Maybank Investment Bank Bhd CEO Tengku Datuk Zafful Tengku Abdul Aziz at the Pavilion prospectus launch yesterday.
Definitely Pavilion REIT is one of those companies that fit such criteria,” he said. The investment bank is joint principal advisor to the REIT along with CIMB Investment Bank Bhd.

Even so, Pavilion REIT may face some competition from PCCW Ltd’s spin-off, HKT Trust Ltd, that has just filed for IPO in Hong Kong and is reportedly offering 2012 yields ranging between 7.6% and 9%.

Still, that six cornerstone investors — which comprise pension funds and insurance companies — have been secured for the exercise is testament to the “kind of stable cash flow and dividend yield element” that Pavilion REIT provides, CIMB Investment Bank CEO Datuk Charon Wardini Mokhzani added. “With the strong cash flow and very solid balance sheet, the investment thesis is very clear to domestic and international investors.”

The six cornerstone investors are Permodalan Nasional Bhd, Employees Provident Fund Board, Kumpulan Wang Simpanan Persaraan, Great Eastern Life Assurance (M) Bhd, American International Assurance Bhd and HwangDBS Investment Management Bhd. Collectively, they will take up 265 million units or 33.5% of the total 790 million units offered under the IPO or 8.83% of the REIT.

Thirty-five million units or 4.4% of the offered units have been slated for the general public, including eligible tenants and employees. The remaining 490 million units will be offered to local and foreign institutional investors through a book-building exercise.

Upon listing, Malton Bhd’s chairman Datuk Lim Siew Choon and his wife, Datin Tan Kewi Yong, will collectively own 37.6% of Pavilion REIT while Qatar Holdings LLC, will hold 36.1%.



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« Reply #4 on: November 15, 2011, 09:02:50 PM »

Upon listing, Malton Bhd’s chairman Datuk Lim Siew Choon and his wife, Datin Tan Kewi Yong, will collectively own 37.6% of Pavilion REIT while Qatar Holdings LLC, will hold 36.1%.
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DR PUMPKIN
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« Reply #5 on: November 15, 2011, 11:43:40 PM »

nothing exciting la..is for perpeptual holding....
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rx7soo
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« Reply #6 on: November 16, 2011, 01:19:00 AM »

Greeting all sifu, izit a good buy for pavilion REIT...
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Profit88
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« Reply #7 on: November 16, 2011, 07:24:06 AM »

I'll say there's potential for 10-20% cap gains.

No really an IPO for traders or speculators. More for those "buy and hold" type value investors, or those who don't try to time market.

Pre-Aug/Sept meltdown, I'll go in big on this one. It has branding, low gearing, six strong cornerstone investors, slightly higher DY than Sunreit and CMMT (hence room for cap appreciation)

However, anything can happen these days with US, China and especially Europe. And there's the opportunity cost.

Personally I find the (external) risk vs reward ratio not that attractive.

Will wait until last day of application before deciding.
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ykit89
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« Reply #8 on: November 16, 2011, 08:18:48 AM »

Anybody knows when is the application day ? Soon or still long to go ?
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150k
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« Reply #9 on: November 16, 2011, 08:35:32 AM »

i m not going to apply,
waiting for lower price.
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greenapple
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« Reply #10 on: November 16, 2011, 10:02:57 AM »

how much is the offered IPO price?
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may-i-know
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« Reply #11 on: November 16, 2011, 10:07:45 AM »

how much is the offered IPO price?

huat huat lor
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rx7soo
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« Reply #12 on: November 16, 2011, 10:15:00 AM »

IPO = RM0.88
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rx7soo
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« Reply #13 on: November 16, 2011, 10:16:14 AM »

ykit89: Closing date will be on 21st Nov 2011
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SKL99
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« Reply #14 on: November 16, 2011, 01:33:49 PM »

buy buy buy.... malton also
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rite_brain
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« Reply #15 on: November 16, 2011, 01:40:15 PM »

let's compare to Sunway REIT (SUNREIT),

ipo = 88s in July 2010
now = 1.14

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« Reply #16 on: November 16, 2011, 07:20:58 PM »

Upon listing, Malton Bhd’s chairman Datuk Lim Siew Choon and his wife, Datin Tan Kewi Yong, will collectively own 37.6% of Pavilion REIT while Qatar Holdings LLC, will hold 36.1%.

Huh? left 25% for other invester only..........Huh?? huat huat  Shocked
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piglet
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« Reply #17 on: November 22, 2011, 07:18:43 PM »

where can buy it??got limit??
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« Reply #18 on: November 22, 2011, 08:05:31 PM »

where can buy it??got limit??

close oledy maaaa...
i saw it in my M2U
but not interested to buy..  Nod
if gas malaysia.. felda.. need to get the IPO..  Handshake Handshake Cash Cash
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lch90
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« Reply #19 on: November 22, 2011, 08:18:31 PM »

This stupid counter hopeless and lousy. Just come in to get your money into their funds.

These lousy company will not go up. Look at recent IPOs. People now losing so much money wont really bother to apply also. Plus it is 80++ cents per share.
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« Reply #20 on: November 22, 2011, 08:43:09 PM »

This stupid counter hopeless and lousy. Just come in to get your money into their funds.

These lousy company will not go up. Look at recent IPOs. People now losing so much money wont really bother to apply also. Plus it is 80++ cents per share.

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ikan besar
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« Reply #21 on: November 22, 2011, 10:28:23 PM »

let's compare to Sunway REIT (SUNREIT),
ipo = 88s in July 2010
now = 1.14

cannot compared like this one , will kill alot of newbies
sunreit take almost 2 years to reach this price
unless u can hole pavillion for 2 years
maybe, i said maybe only can reach rm1.10
it should list around 0.89 to 0.95 cts only
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rite_brain
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« Reply #22 on: November 22, 2011, 10:41:58 PM »

cannot compared like this one , will kill alot of newbies
sunreit take almost 2 years to reach this price
unless u can hole pavillion for 2 years
maybe, i said maybe only can reach rm1.10
it should list around 0.89 to 0.95 cts only

why can't compare? of course cannot compare like, apple to apple,
but SUNREIT & CMMT, vs Pavilion REIT is close,
SUNREIT all time high = Aug 2, 2011, RM 1.17
also on listing day, dropped near IPO price 88s,
so I think it will be sub 90s for a while
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« Reply #23 on: November 22, 2011, 10:46:32 PM »

why can't compare? of course cannot compare like, apple to apple,
but SUNREIT & CMMT, vs Pavilion REIT is close,
SUNREIT all time high = Aug 2, 2011, RM 1.17
also on listing day, dropped near IPO price 88s,
so I think it will be sub 90s for a while
cannot compare one lah
CMMT got sungai wang  sunreit got Sunway pyramid
business very good, all retailers fully occupied,
pavillion look nice only but retailers 20% empty
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ringgityen
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« Reply #24 on: November 22, 2011, 11:40:24 PM »

Pavillion REIT is pretty much dominated by one single asset, Pavillion Mall. Luckily the location is so strategic, plus with covered sky-bridge currently under construction, im sure will boast up the traffic there and fair value adjustment will surely have a strong influence in their earning.
I think CMMT is still better.
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« Reply #25 on: November 22, 2011, 11:45:18 PM »

This is a recession proof REIT. So many retailer queuing to get a lot in Pavilion. Trust me.

Very worth investing during this time of period.
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rite_brain
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« Reply #26 on: November 22, 2011, 11:48:01 PM »

This is a recession proof REIT. So many retailer queuing to get a lot in Pavilion. Trust me.

Very worth investing during this time of period.

ya meh?
according to ikanbesar above, 20% empty wor!  Laugh
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« Reply #27 on: November 22, 2011, 11:50:48 PM »

ya meh?
according to ikanbesar above, 20% empty wor!  Laugh

If you pergi Pavilion, see any empty lot? Everyday,parking also full house. # I have to park JW Marriott and walk over there.
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« Reply #28 on: November 22, 2011, 11:54:08 PM »

If you pergi Pavilion, see any empty lot? Everyday,parking also full house. # I have to park JW Marriott and walk over there.
Ya meh =.= I also always go there. But problem is... I dont buy anything. Go there watch movie nia. LOL....
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« Reply #29 on: November 22, 2011, 11:54:58 PM »

If you pergi Pavilion, see any empty lot? Everyday,parking also full house. # I have to park JW Marriott and walk over there.

ikanbesar said 20% empty ma,
if not mistaken,  I read, there are > 200 retailers queueing to go into Pavilion,
so, when I saw his 20% empty *, also I want to laugh  Laugh

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« Reply #30 on: November 22, 2011, 11:57:37 PM »

cannot compare one lah
CMMT got sungai wang  sunreit got Sunway pyramid
business very good, all retailers fully occupied,
pavillion look nice only but retailers 20% empty

ikanbesar,

read this:
http://www.starproperty.my/PropertyScene/TheStarOnlineHighlightBox/16645/0/0

KUALA LUMPUR: Pavilion Real Estate Investment Trust (REIT), en route to a listing on Bursa Malaysia, aims to add more assets to its portfolio and wants to continue its “shopping spree” to acquire at least three more retail properties within the next three years, depending on the economic situation.
 
Chief executive officer Philip Ho told StarBiz recently that the company, which will see its post-listing loan-to-value (LTV) ratio at 20%, could either finance these additional property injections by going back to its shareholders or through bank borrowings, although the latter was the preferred option for now.
 
“The proceeds of close to RM700mil is being utilised to pay down the debt. At 20% LTV ratio, I reckon this is a comfortable gearing ratio and will allow us to finance these acquisitions either through shareholders or with bank borrowings. We can acquire up to a billion ringgit without going back to shareholders,” Ho said.
 
“Under Securities Commission rulings we are allowed to gear up to 50% LTV ratio. We don’t intend to gear up until that high though. I think the right formula is somewhere between 25% and 30% as most of our peers would. Our balance sheet is very strong, we can still borrow money,” he added.
 
The current Pavilion shopping complex, which has been fully occupied for two years with a potential-retailer waiting list of 200 and rental yields of about RM16 per sq ft, will begin extension works by the first half of next year. Ho said Pavilion REIT had “obtained all development approvals” for the extension.
 
“This is an extension of about 300,000 sq ft of retail space, and will be built by Pavilion REIT’s sponsors (original shareholders – Urusharta Cemerlang Sdn Bhd) on the former carpark of Millenium Hotel. They (the sponsors) will also build an apartment on top of the new retail space,” Ho said.
 
Pavilion REIT will also develop another shopping mall in UEP Subang Jaya, following the compact mall concept with an apartment block on top of it.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
20% empty eh?  Laugh
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« Reply #31 on: November 22, 2011, 11:58:58 PM »

Tongue Nvm we all do not need argue ba. Let us watch haha Laugh

First day confirm go up one. Normal. Can apply. But do not buy until it drops. Always same trend,
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« Reply #32 on: November 22, 2011, 11:59:29 PM »

Ya meh =.= I also always go there. But problem is... I dont buy anything. Go there watch movie nia. LOL....

there are different level of ppl,
with different spending power,
there are many that actually buy things from there,
there are some didn't even go there, thinking it is too high end for them too....
so, it depends on which level are u

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« Reply #33 on: November 23, 2011, 12:01:03 AM »

there are different level of ppl,
with different spending power,
there are many that actually buy things from there,
there are some didn't even go there, thinking it is too high end for them too....
so, it depends on which level are u


Maybe lor. But to be honest, if want me choose from Malton with TP of 1.60 and dividend out next month and pavilion.... Just saying lor
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« Reply #34 on: November 23, 2011, 12:01:19 AM »

there are different level of ppl,
with different spending power,
there are many that actually buy things from there,
there are some didn't even go there, thinking it is too high end for them too....
so, it depends on which level are u



I bring my galfriends there to choose some lingeries at La Senza or XOXO. Sebelum pergi buka bilik.
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rite_brain
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« Reply #35 on: November 23, 2011, 12:01:27 AM »

Tongue Nvm we all do not need argue ba. Let us watch haha Laugh

First day confirm go up one. Normal. Can apply. But do not buy until it drops. Always same trend,

well, I'm not promoting, but just sharing the info/facts,
I myself didn't apply Pavilion REIT, but I applied SUNREIT & made money
just need to be patient, as stated below, get rich slowly........  Laugh
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« Reply #36 on: November 23, 2011, 12:02:38 AM »

i kinda agree with rite_brain...but seem to me always pack with people and most importantly the shopper. Not sure about high end boutiques there like Channel and Marc Jacobs thou but Armani, Zara, Parksons always pack.

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« Reply #37 on: November 23, 2011, 12:13:09 AM »

i kinda agree with rite_brain...but seem to me always pack with people and most importantly the shopper. Not sure about high end boutiques there like Channel and Marc Jacobs thou but Armani, Zara, Parksons always pack.


Yep i do not see many people entering high end lots. But there are. Mostly rich people/people like me(looking for bday gifts).

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« Reply #38 on: November 23, 2011, 12:15:21 AM »

Well I bought my Ball Watch there.
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« Reply #39 on: November 23, 2011, 12:24:53 AM »

fundermentally  good  IPO
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« Reply #40 on: November 23, 2011, 03:43:31 AM »

Dragon Heads convergence sanctuary for more than a century.

LoL, konfirm won't bring yer to 'Holland'. Location primes will be here to stay whatever M'sia calls itself occupying this geography.

Retail is the way, hence top notch APAC reits 'll be steady streams of income in years to come.
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« Reply #41 on: November 23, 2011, 09:39:06 AM »

Balloting tmr 24th NOv. Wonder will it be oversubscribed or undersubcribed?
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« Reply #42 on: November 23, 2011, 09:40:47 AM »

Balloting tmr 24th NOv. Wonder will it be oversubscribed or undersubcribed?

last time SUNREIT = 1.01 times oversubscribed,
what a bul!!!!  Laugh
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« Reply #43 on: November 23, 2011, 10:20:00 AM »

I already apply using Maybank2u before closing date. 

Not sure can get or not? When can know the result? Tomorrow?   Thinking

Anyone here also apply?
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