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TPG, Khazanah Nasional team up for $132m Philippine mass housing share buy

14 May 2014

apartment_real_estate_170sqUS private equity giant TPG has agreed to team up with Malaysian state investor Khazanah Nasional to buy $132m of shares in Philippine mass-housing developer 8990 Holdings.

The pair have committed to subscribe to about two-thirds of the company’s follow-on equity offering which raised $204m according to Reuters, which cited a stock exchange filing.

It said the shares are equivalent to about 20 per cent of 8990’s equity.

UBS was the sole co-ordinator and bookrunner for the offer and was also domestic underwriter alongside SB Capital Investments.

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