TPG to sell share in Parkway life

(Reuters) – Private equity firm TPG is selling its 9.3 percent stake in Parkway Life REIT in a deal that could raise as much as S$91.1 million ($69 million), IFR Asia reported on Wednesday.

TPG is offering 56.25 million shares at a guidance range of S$1.56-$1.62 each, representing a discount of 6.6 percent to 3 percent to Parkway Life’s last traded price.

Goldman Sachs is sole bookrunner for the deal.

TPG had been expected to sell its stake in Parkway Life after Malaysian state investor Khazanah took control of Parkway , which runs some of the properties owned by Parkway Life.

Khazanah trumped India’s Fortis Healthcare in a takeover battle for Asia’s biggest listed hospital operator in a deal that could cost the state firm S$3.5 billion ($2.6 billion).

Parkway Life and TPG declined comment while Goldman was not immediately available.

(Reporting by Daniel Stanton of IFR Asia; Editing by Saeed Azhar)