The trust's manager CapitaMalls Malaysia REIT Management Sdn Bhd on Monday, July 5 said Gurney Plaza exercised the put option to require CapitaRetail Gurney Sdn Bhd, a unit of CapitaMalls, to buy the nine-storey extension block.
The acquisition of the extension block must be completed by April 15, 2011, according to a filing to Bursa Malaysia on Monday.
During the launch of the CMMT prospectus here on June 28, the manager said it plans to inject more properties into the soon-to-be-listed trust, and that it is looking to acquire and develop shopping malls with a net lettable space of 300,000 sq ft to 500,000 sq ft.
It added that the Gurney Plaza Extension, when acquired, would increase the trust's asset size by about 11%.
CMMT — which is expected to be listed on the Main Market of Bursa Malaysia Securities Bhd on July 16 — have an initial portfolio of three shopping malls, namely Gurney Plaza in Penang, a 61.9% interest in Sungei Wang in Kuala Lumpur as well as The Mines in Selangor.
Gurney Plaza, Sungei Wang and The Mines were acquired between late-2007 and mid-2008 for about RM770 million, RM595 million and RM435 million, respectively.
The portfolio of the trust has a total net lettable area of 1.88 million sq ft, valued at RM2.13 billion.
Managed by CapitaMalls Malaysia REIT Management — a joint venture between CapitaMalls Asia and the Malaysian Industrial Development Finance Bhd (MIDF) — the trust will be the largest "pure-play" shopping mall real estate investment trust (REIT) in Malaysia.
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