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Tuesday, December 14, 2010

YTL Crop subsidiaries dispose of properties for RM472m

KUALA LUMPUR: YTL Corp Bhd’s four subsidiaries are selling four properties for a total indicative disposal consideration of RM472.0 million to Starhill REIT under a corporate exercise to reposition Starhill REIT as a full-fledged hospitality REIT

YTL Corp said on Tuesday, Dec 14 the subsidiaries were YTL Land Sdn Bhd, Niseko Village K.K., Business & Budget Hotels (Penang) Sdn Bhd and Prisma Tulin Sdn Bhd.

They had entered into four conditional sale and purchase agreements with Mayban Trustees Berhad (as the trustee for Starhill REIT) to dispose of the properties -- Cameron Highlands Resort; Hilton Niseko; Vistana Penang; and Vistana Kuala Lumpur.

It said the vendors, except for YTL Land Sdn Bhd and Cameron Highlands Resort Sdn Bhd -- the current hotel operator for Cameron Highlands Resort -- had entered into four lease agreements with the trustee for the lease of the properties which shall be effective upon the completion of the proposed disposals.

Starhill said in a separate announcement "the corporate exercise is part of the rationalisation exercise to reposition Starhill REIT as a full-fledged hospitality REIT".

By The EDGE Malaysia

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