CapitaMalls to buy Pahang mall for RM310m

AmTrustee Bhd, the trustee of CapitaMalls Malaysia Trust (CMMT) has entered into a conditional sale and purchase agreement with Astral Realty Sdn Bhd to acquire East Coast Mall in Pahang for RM310 million.

In a statement today, CMMT said the mall a nearly-full occupancy rate of 97.0 per cent, with a forecast property yield of about 7.1 per cent for 2011.

Based on CMMT's closing price of RM1.17 on June 13, CMMT's implied property yield for 2011 is about 6.4 per cent, it said, adding that it would be yield-accretive to CMMT unitholders.

The East Coast Mall is a four-storey shopping mall with one basement car park level and 1,170 car park lots, with a net lettable area of more than 440,000 square feet.

By Bernama