Valiram Group completes acquisition of stake in Lendlease’s assets

KUALA LUMPUR (May 25): Luxury retailer Valiram Group has completed the acquisition of a 40% stake in The Exchange TRX mall and 60% stake in the TRX Campus office from Australian property developer Lendlease Group on Monday.

With Valiram’s newly acquired stake, Lendlease has fully disposed its entire stake in the office while reducing its stake in the mall to 20%.

This update comes after Lendlease announced in December last year that it is divesting a combined RM1.1 billion stake in the mall and office assets as part of its capital recycling programme.

The mall and the office form part of Lendlease’s 17-acre TRX Lifestyle Quarter precinct, which is situated in the bigger 70-acre Tun Razak Exchange (TRX) master plan. The ongoing master plan is being developed by master developer TRX City Sdn Bhd, a wholly-owned unit of Minister of Finance Inc.

News about the Australian’s real estate search for a partner was first reported in December 2024. According to a report by The Edge, Lendlease had been looking for partners since early 2024, covering the mall and three undeveloped plots in TRX.

Afterwards, a report by The Edge in December 2025 said that Lendlease will maintain its 60% stake in the residential plots and hotel within the precinct.

During a ceremony to commemorate the completion of the acquisition, Valiram executive director Datuk Ashvin Valiram said the group looks forward to working with its new partner “not just on the mall, but future real estate projects”. However, he did not share any specific future plans in the precinct.

Prior to its initial announcement of the acquisition of Lendlease’s stake, Valiram had acquired the 519-room Impiana KLCC Hotel from KLCC Holdings Sdn Bhd and Magma Group Bhd (KL:MAGMA) for RM315 million in October last year. 

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