KUALA LUMPUR (Aug 14): Malton Bhd said Pavilion Real Estate Investment Trust (REIT) has agreed to participate in the ownership of its ongoing shopping mall development called Pavilion Bukit Jalil located in Bukit Jalil City here.
Both Pavilion REIT and Malton are linked to property tycoon Tan Sri Desmond Lim Siew Choon, who is a substantial shareholder and chairman of both entities.
In a filing with Bursa Malaysia yesterday, Malton said both parties will enter into a non-disclosure agreement to commence due diligence, discussions about the method of participation and negotiate relevant terms and conditions.
The development comprises one block of retail mall with five levels of retail space and two levels of basement parking to be provisionally known as Pavilion Bukit Jalil.
It added that its wholly-owned subsidiary Pioneer Haven Sdn Bhd last Wednesday formally made the invitation to Pavilion REIT.
In a separate filing, Pavilion REIT said its trustee MTrustee Bhd has accepted the invitation for both parties to enter into the non-disclosure agreement to commence due diligence and discussions.
This article first appeared in The Edge Financial Daily, on Aug 14, 2018.
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