Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Tuesday, December 14, 2010

YTL to sell properties to Starhill REIT

YTL Corp Bhd, via its units, will dispose of four of its hospitality-related properties to Starhill Global Real Estate Investment Trust (Starhill REIT) for RM472 million.

In a filing to Bursa Malaysia today, it said the properties were Cameron Highlands Resort, Hilton Niseko, Vistana Penang and Vistana Kuala Lumpur.

YTL said it had entered into four separate sale agreements for the disposal via its direct and indirect units, namely, YTL Land Sdn Bhd, Niseko Village K.K, Business & Budget Hotels (Penang) Sdn Bhd, and Prisma Tulin Sdn Bhd.

"The disposals will enable the group to unlock and realise the fair value of the properties," it said. It said Starhill would lease the properties for an initial lease period of 15 years, and an option to renew for a further term of 15 years.

YTL said the cash proceeds from the disposal would be used entirely by its units for repayment of bank borrowings, payment of cumulative preference share dividends, redemption of preference shares, payment of special dividends, and general working capital purposes.

By Bernama

No comments: