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Wednesday, June 25, 2008

CapitaLand buys 62pc of Malaysian mall for S$250m

SINGAPORE: Southeast Asia’s largest property developer CapitaLand said today it had paid S$250 million (US$183 million) for 62 per cent of a retail mall in Malaysia.

CapitaLand chief executive Pua Seck Guan said the latest acquisition puts the Singapore-listed firm on track to set up its Malaysian retail real estate investment trust (REIT) by the end of this year.

“Together with the earlier acquisitions of Gurney Plaza and Mines Shopping Fair, the three assets collectively amount to a total asset size of approximately S$840 milion (US$614.5 million),” Pua said in a statement.

The retail space in the Sungei Wang Plaza mall is located in the popular Bukit Bintang retail belt in Kuala Lumpur and includes parking lots.

The mall has close to 100 per cent occupancy and sees more than 24 million visitors annually.

By Reuters

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