IOIPG REIT is set to become Malaysia’s largest real estate investment trust IPO in at least 13 years, with an offering expected to generate approximately RM2.1 billion for IOI Properties Group Bhd.
Scheduled to list on Bursa Malaysia’s Main Market on 25 November 2026, the trust will hold nine properties worth a combined RM7.66 billion, including IOI City Mall, six hotels and two office properties.
For Malaysians familiar with these destinations, the listing offers a new way to invest in the properties behind the places they visit, work in or stay at.
So, what exactly is IOIPG REIT, and what does the listing involve?
What Is IOIPG REIT?
IOIPG Malaysia Real Estate Investment Trust, or IOIPG REIT, brings together a portfolio of income-generating properties under one trust.
A REIT allows investors to buy units in a trust that owns properties. Investors can then receive a share of its distributable income through payments known as distributions.
In simple terms, investors can participate in the income from a property portfolio without buying an entire building themselves.
The IPO’s retail offer price is 96 sen per unit. At that price, IOIPG REIT is expected to have a total stock market value of approximately RM5.3 billion when it lists.
IOI City Mall Leads The IOIPG REIT Portfolio
The trust’s initial portfolio comprises nine freehold properties across Selangor, Kuala Lumpur and Penang, valued at RM7.66 billion as at 31 May 2026.
The biggest draw is IOI City Mall, Malaysia’s largest shopping mall. It has more than 2.5 million square feet of space available for tenants, with a committed occupancy rate of 97.9% as at 31 May 2026.
The portfolio also includes six hotels under Marriott International’s family of brands. These are Putrajaya Marriott Hotel, Le Méridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang.
Together, the hotels had 1,920 guest rooms as at 22 September 2026.
Completing the portfolio are two office properties comprising IOI City Towers 1 and 2, and PFCC Towers 1, 2, 4 and 5. They offer approximately 1.83 million square feet of space for tenants.
This gives IOIPG REIT a mix of shopping mall, hotel and office assets.
A Major Listing For Malaysia
The expected RM2.1 billion offering would surpass Paradigm REIT’s RM560 million IPO in June 2025, which was then described as Malaysia’s largest REIT listing in 13 years.
It also places IOIPG REIT among Malaysia’s major IPOs in recent years.
For comparison, 99 Speed Mart raised RM2.36 billion in September 2024, while Sunway Healthcare raised RM2.86 billion in March 2026.
For IOI Properties, the listing turns part of its investment in established properties into cash while allowing the group to keep a substantial stake in the trust.
The Lee Brothers Behind IOI Properties
Behind IOI Properties are Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng, whose family business interests span property and palm oil.
Dato’ Lee Yeow Seng leads IOI Properties as its Group Chief Executive Officer, a position he resumed on 1 July 2023. A law graduate from King’s College London, he oversees the group’s businesses across Malaysia, Singapore and Xiamen, China.
The approximately RM2.1 billion in proceeds will go to IOI Properties, which is selling the units. IOIPG REIT itself will not receive fresh capital from the IPO.
IOI Properties plans to use the money to repay borrowings, recover money previously spent on capital expenditure and fund potential future investments.
The group intends to retain up to 60% of IOIPG REIT after listing.
The trust is expected to have RM2.65 billion in borrowings when it lists. This represents approximately 34.1% of its total asset value of RM7.79 billion.
IOIPG REIT Projects A 6.6% Distribution Yield
For the financial year ending 31 December 2027, IOIPG REIT projects a distribution yield of 6.6%.
This is the projected annual income distribution expressed as a percentage of the 96 sen retail offer price, assuming the trust pays out 100% of its distributable income.
Its policy is to distribute at least 90% of distributable income, with payments made quarterly.
The 6.6% figure is a projection, not a guaranteed return. Actual distributions will depend on the trust’s performance and the assumptions set out in its prospectus.
More IOI Properties Could Join Later
The portfolio could expand beyond its initial nine properties.
IOIPG REIT has been given a right of first refusal over selected properties owned by IOI Properties. This gives it the opportunity to consider buying those assets before they are sold to another buyer, subject to the arrangement’s terms.
Potential additions include IOI Mall Puchong, IOI Mall Damansara, IOI Mall Kulai and Palm Garden Hotel Putrajaya.
These properties are part of a possible acquisition pipeline. They are not included in the initial portfolio.
Applications Close On 10 November
The IPO offers up to 2.2 billion units, split between retail and institutional investors.
Within the retail offering, 110 million units are available to the Malaysian public, including 55 million reserved for Bumiputera investors. Separate allocations are available to entitled IOI Properties shareholders and eligible directors, employees and business associates.
Applications opened on 3 November 2026 and close at 5pm on 10 November 2026.
With its planned listing on 25 November 2026, IOIPG REIT will bring some of IOI Properties’ best-known Malaysian assets into one listed trust, with opportunities to add more properties over time.
Sources: 1 | 2 | 3
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