RM7.66 billion is the number that matters in the exposed draft for IOIPG Malaysia REIT. The proposed trust is not just another yield vehicle waiting for a listing date. It is a way for IOI Properties Group to place nine Malaysian retail, hotel and office assets into a listed structure, with IOI City Mall carrying about two-thirds of the portfolio value.
The Securities Commission Malaysia exposure page, dated 24 September 2026, shows an initial public offering on the Main Market for up to 2.2 billion IOIPG REIT units. The retail portion totals 715,614,537 units, including 550,614,537 units reserved for entitled IOI Properties shareholders on the basis of one REIT unit for every 10 existing IOI Properties shares held on a date still to be fixed. Another 110 million units are set aside for the Malaysian public, half of them for Bumiputera public applicants.
The institutional tranche is larger, at up to 1,484,385,463 units. Of that, 687.5 million units are reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while up to 796,885,463 units are for other Malaysian institutions, selected investors and foreign investors outside the United States. Maybank Investment Bank and AmInvestment Bank are named as principal advisers on the exposure page.
The property arithmetic explains why investors will look closely at the mall. EdgeProp, citing the draft prospectus, reported that the nine assets have an aggregate appraised value of about RM7.66 billion and will be acquired from IOI Properties subsidiaries for RM7.58 billion. IOI City Mall alone carries a RM5.1 billion purchase consideration and an updated appraised value of RM5.15 billion as at 31 May 2026. On those figures, the mall is roughly 67% of the aggregate valuation, so this is a diversified REIT in legal form but a heavily mall-anchored one in economic weight.
The remaining assets are six hotels and two office properties: Putrajaya Marriott Hotel, Le Meridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur, Courtyard by Marriott Penang, IOI City Towers and PFCC Towers. EdgeProp reported that the hotel assets are to be leased to IOI Properties subsidiaries under master lease arrangements, with rent set at the higher of a guaranteed amount or variable rent based on 90% of each hotel’s net operating profit, as defined in the prospectus.
The proposed purchase consideration is structured as RM4.92 billion in REIT units and RM2.65 billion in cash to be funded through sukuk, according to EdgeProp. On a pro forma basis, the REIT is expected to carry about RM2.65 billion of indebtedness on listing, equivalent to roughly 34% of estimated total asset value of RM7.79 billion. The Edge Malaysia reported that the manager plans to distribute at least 90% of distributable income quarterly.
The dates investors usually want most are not there yet. The offer price, application dates and listing date have not been stated. The SC exposure page also makes the regulatory position plain: the prospectus has not been registered and is published for public comment, so securities cannot be offered and applications cannot be accepted until registration.
Sources: Securities Commission Malaysia prospectus exposure, EdgeProp.my, The Edge Malaysia.
