Perennial ChinaRetail Trust Sponsor Perennial Real Estate, which is headed by former CapitaLand Retail chief Pua Seck Guan, had initially planned to launch the trust in March. But the offering was delayed following international roadshows, with the trust citing volatile market conditions. PCRT was to have offered 1.09 billion units priced at $1 per unit. This would have raised about $1.1 billion in gross proceeds to be used mostly for the acquisition of five properties in China.
Mr Pua said then that the PCRT deal will be tweaked to current market conditions and brought to market as soon as possible.BT understands that the revised offering is expected to be better received by cornerstone and other institutional investors. Among other things, Perennial was able to get discounts of between 3 per cent and 12 per cent off the prices of some properties it will acquire, sources said.
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