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Thursday, August 13, 2009

SP Setia, ARIF JV unit get RM315m loan

GREENHILL Resources Sdn Bhd, a 50:50 joint-venture company between SP Setia and Lend Lease's Asian Retail Investment Fund 2 (ARIF), has signed a RM315 million syndicated banking facility with CIMB Bank, Public Bank and Affin Bank to fund the development of Setia City Mall.

SP Setia president/chief executive officer, Tan Sri Liew Kee Sin, said phase one of the retail mall, which would provide approximately 700,000 sq ft of net lettable area, was expected to be opened in early 2012.

"The mall, which will be located in Setia Alam here, is expected to be fully tenanted once first phase is completed," he told reporters after the signing of the agreement in Shah Alam today.

Also present was Selangor Menteri Besar, Tan Sri Abdul Khalid Ibrahim.

Others included Datuk Seri Nazir Razak, group chief executive of CIMB Group, Tan Sri Tay Ah Lek (managing director of Public Bank), Amirudin Abdul Halim (director for business banking of Affin Bank) and Erle Spratt (fund manager of Lend Lease's Asian Retail Investment Fund 2).

Liew said the company, which had spoken to 50 retailers, has secured three major anchor tenants.He, however, to reveal the names.

He said the mall would be designed, marketed and managed by the joint venture entity, combining local and international retail development skills and experience to create a high quality retail platform.

"It will also be the first mall to be included under the Green Building Index's pilot accreditation scheme," he said.

Lend Lease, one of world's leading fully integrated property solutions providers, was founded in Sydney in 1958.

By Bernama

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