Langham Hospitality raises US$550 million

PUBLISHED : Thursday, 23 May, 2013, 3:03pm
UPDATED : Thursday, 23 May, 2013, 3:03pm

Langham Hospitality Investments, an investment trust controlled by property developer Great Eagle Holdings Ltd, raised about US$550 million (HK$4.3 billion) in an IPO on Thursday, the first of several issuers looking to benefit from a surge in investors’ demand for commercial property and high-yield securities in Hong Kong.

The investment trust offered 852.2 million share stapled units at HK$5 each, putting the total deal at HK$4.26 billion ($549 million), said sources with direct knowledge of the deal, who were not authorised to speak publicly on the matter. The offering was marketed at a range of HK$4.65-5.36 per unit.

The trust will debut on the Hong Kong stock exchange on May 30.