Malaysian Sunway Real Estate Investment Trust raised $459 million from its initial public offering. The largest IPO in the country to date this year, it is opening the door for similar listings. Singapore-listed CapitaMalls Asia is moving forward with plans to place three Malaysian shopping centers in a REIT to be listed on the Kuala Lumpur exchange.
REIT Management & Research has paid $75 million to take the Hill Country Galleria in Austin, Texas, out of foreclosure. The purchase price, considered fair market value for the property now, is less than the $161 million owed on the construction loan.
The U.S. Department of Transportation announced it will give a total of $201 million to 15 states for the repair of roads and bridges that suffered major damage from storms and other catastrophes. Most of the projects are in Kentucky, Washington and North Dakota. Louisiana and Mississippi will also get funds to finance recovery efforts from Hurricanes Katrina and Gustav.