Wednesday, June 25, 2008

CapitaLand Buys 62% Of M'sian Mall For US$183m

Source : The Business Times, June 25, 2008

Southeast Asia's largest property developer CapitaLand said on Wednesday it had paid $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 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 $840 million,' Mr Pua said in a statement.

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

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

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