Henderson Land Development yesterday unveiled to shareholders the details of its Sunlight Real Estate Investment Trust, allowing one share in the new unit for every 13 Henderson Land shares held.
Henderson and Shau Kee Financial are expected to aim for $3.5 billion through the launch of the reit - a proposed joint venture to be owned by the company and its chairman's private investment arm Shau Kee Financial Enterprises - in June at the earliest, according to market sources.
Assuming that all the reserved units are taken up by Henderson Land shareholders, the number of units to be issued is expected to represent about 5 per cent of the offering size.
This is not yet counting the exercise of the over-allotment option.
Sunlight Reit plans to include a group of 20 retail and office properties in such districts as Sheung Wan, Mongkok, Wan Chai and Tsim Sha Tsui.
All assets are to be transferred from Henderson Land and Shau Kee Financial, comprising a total rentable area of 1.29 million square feet.