KIA, Och-Ziff others pledge $2 billion for Dalian Wanda's up to $3.86 billion IPO

December 7
1:08 AM 2014

Kuwait Investment Authority (KIA) and Och-Ziff Capital Management Group Ltd (OZM.N) are among the group of 11 investors that have committed about $2 billion towards Dalian Wanda Commercial Properties Co Ltd's Hong Kong initial public offering (IPO), a person with direct knowledge of the matter told Reuters.

Dalian Wadia, the world's second-largest developer of shopping malls and office buildings, is set to launch the IPO on Monday, seeking to raise between $3.2 billion and $3.86 billion.

KIA, China Life Insurance Co Ltd (601628.SS) and Ping An Insurance Group Co of China Ltd (601318.SS) are pledging $300 million each for the IPO, while Och-Ziff is investing $250 million, the person said. Dutch pension fund APG is pledging $200 million, the person added.

Dalian Wanda Commercial Properties, a unit of billionaire Wang Jianlin's Dalian Wanda Group, is offering 600 million new shares in a range of HK$41.80-HK$49.80 each, giving the company a market value of between $20.8 billion and $24.7 billion, Thomson Reuters publication IFR reported on Saturday.

The companies mentioned could not immediately be reached for comment. The source declined to be identified as the information is not public.

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