Pavilion Kuala Lumpur is preparing to list

Datuk Desmond Lim Siew Choon is preparing to list

Pavilion Kuala Lumpur, in what could be Malaysia's

largest initial public offering of a real estate

investment trust (REIT). While details of the REIT

are still sketchy, sources said that the assets under

it could be worth between RM4b and RM5b. It is

also believed that CIMB Investment Bank, Credit

Suisse and Maybank Investment will be involved in

the deal. Lim, who controls Malton Bhd, developed

the mall via Malton's subsidiary Kuala Lumpur

Pavilion Sdn Bhd. The mall is owned by Urusharta

Cemerlang (KL) Sdn Bhd, which is 51%-owned by

Urusharta Cemerlang Development Sdn Bhd and

49% by Qatar Investment Authority (QIA). A search

with the Companies Commission of Malaysia

revealed that a company by the name of Pavilion

Reit Management Sdn Bhd had been set up. The

nature of business of Pavilion Reit Management is

described as "management of real estate

investment trust, investment holding and property

management".