Paradigm Real Estate Investment Trust (“Paradigm REIT”) Launches Prospectus for its Upcoming Initial Public Offering (“IPO”) on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) (“Prospectus”)
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Paradigm REIT officially launches the Prospectus in conjunction with its IPO on the Main Market of Bursa Malaysia.
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The IPO includes the offer of 560.0 million units (“Offer Units”), with approximately 254.7 million Offer Units allocated to the retail offering (“Retail Offering”) and at least 305.3 million Offer Units to be offered to institutional investors (“Institutional Offering”).
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The Retail Offering is open to the Malaysian public, Bumiputera investors, eligible directors and employees of WCT Holdings Berhad (“WCTH”) and its group of companies (“Group”) and Paradigm REIT Management Sdn Bhd (collectively, the “Eligible Persons”) and the entitled shareholders of WCTH.
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Upon its listing, Paradigm REIT is expected to achieve an estimated market capitalisation of RM1.6 billion, based on an retail issue price of RM1.00 per Offer Unit and the listing of 1.6 billion total units. This IPO is expected to provide opportunities for investors and unitholders to invest in a real estate investment trust which provides stable distribution of income and potential capital appreciation on investment in the units and allow Paradigm REIT to gain access to capital markets in order to raise funds for future real estate acquisition.
PETALING JAYA, 16 MAY 2025 – Paradigm REIT is pleased to announce the official launch of its Prospectus in conjunction with its IPO on the Main Market of Bursa Malaysia. The event was held today at Le Méridien Petaling Jaya, marking the beginning of Paradigm REIT’s journey in the capital market.
Paradigm REIT focuses on generating stable income and long-term growth by investing, directly and indirectly in a diversified portfolio of income-producing real estate assets used for retail commercial, office, industrial and hospitality purposes and such other real estate assets. Paradigm REIT’s initial asset portfolio includes three retail properties, namely, Paradigm Mall Petaling Jaya (“PMPJ”), Paradigm Mall Johor Bahru (“PMJB”) and Bukit Tinggi Shopping Centre (“BTSC”) (collectively, the “Subject Properties”).
PMPJ, located in Petaling Jaya, Selangor, has 680,048 square feet (“sq ft”) of Net Lettable Area (“NLA”) as at 31 March 2025, and is the key component of the integrated commercial development located within Kelana Jaya that includes a 32-storey office tower known as The Ascent, serviced residences The Azure Residences, featuring 189 residential units, Sapphire Paradigm, featuring 229 residential units and a hotel known as Le Méridien Petaling Jaya, featuring 300 rooms, complementing the office and residential components.
PMJB, the largest shopping mall in Iskandar Malaysia, boasts around 1,292,956 sq ft of NLA as at 31 March 2025, serving as a hub that attracts both local and international consumers, benefitting especially from the approximately 20-minute drive from the Woodlands Checkpoint of Singapore, encouraging foot traffic from Singaporean tourists.
BTSC spans 1,000,950 sq ft of Gross Lettable Area (“GLA”) as at 31 March 2025 and is located in the integrated and mature township development of Bandar Bukit Tinggi in Klang, Selangor. The mall benefits from its high visibility and accessibility via major highways such as the Shah Alam Expressway (alternatively known as the Konsortium Expressway Shah Alam Selangor (“KESAS”) Highway) which connects to a wide range of highway networks in the Klang Valley.
The Subject Properties are managed by an experienced team of retail real estate professionals, including Chua Kah Noi Selena, the Chief Executive Officer and Executive Director of Paradigm REIT Management Sdn Bhd, being the management company of Paradigm REIT, who has over 30 years of experience in retail leasing and operations. Selena is supported by Chong Kian Fah, the Director of Investment, Finance & Accounts of Paradigm REIT Management Sdn Bhd. The management team has been managing the Subject Properties together with the Group, hence they maintain familiarity and in-depth knowledge of the Subject Properties at their respective locations.
The IPO comprises of a total offering of up to 560.0 million Offer Units, in which approximately 254.7 million Offer Units are allocated for the Retail Offering and at least 305.3 million Offer Units are offered to institutional investors.
The Retail Offering consists of (i) offering of approximately 32.0 million Offer Units for application by the Malaysian public, of which 16.0 million Offer Units are reserved for applications by the Bumiputera public (“Public Offering”), (ii) offering of approximately 27.8 million Offer Units to the Eligible Persons, and (iii) offering of up to 194.9 million Offer Units to the entitled shareholders of WCTH on the basis of 1 unit for every 8 existing ordinary shares in WCTH held on the entitlement date (“Restricted Offering”), being the date on which the names of the entitled shareholders of WCTH appear in the record of depositors of WCTH as at 5.00 p.m, 14 May 2025, to participate in the Restricted Offering (“Entitlement Date”).
The Institutional Offering consists of (i) 200.0 million Offer Units reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia, and (ii) the remaining 105.3 million Offer Units to other institutional investors and selected investors.
Upon listing on the Main Market of Bursa Malaysia, Paradigm REIT is expected to achieve an estimated market capitalisation of RM1.6 billion based on the issue price of RM1.00 per Offer Unit and the total listing of 1.6 billion units. The IPO provides opportunities for investors and unitholders to invest in a real estate investment trust which provides stable distribution of income and potential capital appreciation on investment in the units and allow Paradigm REIT to gain access to capital markets in order to raise funds for future real estate acquisition.
“The launch of the Prospectus represents more than just a financial milestone for us — it marks the beginning of a new chapter in Paradigm REIT’s growth journey. With a strong portfolio of prime retail assets, we are well-positioned to capitalise on Malaysia’s resilient economy and dynamic consumer trends. By being listed on the Main Market of Bursa Malaysia, we aim to enhance our brand visibility and offer an attractive investment option for both retail and institutional investors. This is just the beginning, and we are excited about the future and the opportunities ahead as we work together to grow, innovate, and succeed,” remarked Tan Sri Shahril Ridza Bin Ridzuan, the Chairman and Independent Non-Executive Director of Paradigm REIT Management Sdn Bhd.
Speaking while representing Maybank Investment Bank Berhad (“Maybank IB”) as the Principal Adviser, Lead Bookrunner and Sole Managing Underwriter of the IPO, Mr. Michael Oh-Lau, Chief Executive Officer of Maybank IB, said, “Maybank IB is honoured to advise and lead-manage Paradigm REIT’s IPO, which is poised to be the largest Malaysian REIT IPO in the past 13 years and one of the largest IPOs in Malaysia for 2025. This shows the ability and depth of the Malaysian equity capital market to support large capital raises despite market volatility arising from the on-going trade war. Maybank IB has been at the forefront of the development and success of the Malaysian REIT sector, raising RM12.3 billion since bringing the first REIT IPO to market in 2005, and we continue to play an active role in bringing high quality IPOs to the Malaysian capital market.”
Indicative Timetable
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EVENT |
DATE |
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Announcement of the Entitlement Date |
28 April 2025 |
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Entitlement Date |
14 May 2025 |
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Opening of the Retail Offering and the Institutional Offering |
16 May 2025, 10.00 a.m. |
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Closing of the Retail Offering |
23 May 2025, 5.00 p.m. |
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Balloting of applications for Offer Units pursuant to the Public Offering |
28 May 2025 |
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Allotment of Offer Units to successful applicants |
9 June 2025 |
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Listing of Paradigm REIT on the Main Market |
10 June 2025 |
