news

CapitaMalls Asia buying Gurney Plaza extension block, bays for RM215m

KUALA LUMPUR: CapitaMalls Asia Ltd, the sponsor of CapitaMalls Malaysia Trust (CMMT), is buying the Gurney Plaza extension block and some car park bays for RM215 million from Gurney Plaza Sdn Bhd.

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.
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE