The assets, worth a total RM7.58 billion and include properties such as IOI City Mall and W Kuala Lumpur, will be injected into the REIT, according to a stock exchange filing late Friday. The consideration will comprise 5.5 billion units issued at an indicative price of 90 sen each, along with RM2.65 billion in cash.

Founded by late tycoon Lee Shin Cheng, IOI Properties was listed in 2014 and its operations span Singapore and China. The group intends to sell 2.2 billion units to investors through a mix of retail and institutional placements.

At the indicative price, the offering could raise as much as RM1.98 billion, making it Malaysia’s second-largest listing this year after Sunway Healthcare Bhd.’s US$731 million share sale.

The company said the listing will enhance asset liquidity by giving the REIT direct access to capital markets for future acquisitions. Proceeds will help IOI Properties repay borrowings, fund development and investment, and increase its debt headroom, it said.

Post-listing, IOI Properties will retain a 60% stake in the REIT. The proposals are expected to be completed by the fourth quarter, subject to shareholder, regulatory and government approvals.

Maybank Investment Bank Bhd. and AmInvestment Bank Bhd. have been appointed as joint principal advisors, global coordinators, bookrunners and underwriters for the planned REIT, while DBS Bank Ltd will be the joint global coordinator and bookrunner for the listing. KnightFrank is the independent property valuer.