Langham Hospitality raises US$550 million
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.