IGB allocates up to RM3 billion for assets acquisitions overseas

KUALA LUMPUR: Property developer IGB Corporation Bhd has allocated up to RM3 billion for various assets acquisitions overseas this year, said managing director, Robert Tan.
He said the acquisitions comprising mixed developments, including hotels in Europe and the United States, was in line with the company's expansion plan.
"We always look for deals and that's how we grow," he told reporters after the company's annual general meeting here On May 12.
Tan added the acquisitions would follow the company's successful move in acquiring and rebranding two hotels in New York last year.Meanwhile, for the third phase of the Mid Valley City development, he said RM500 million was allocated for construction, which is also the last phase of the commercial development.
The construction is expected to commence within the next quarter and would take up to 30 months for completion, Tan said.
IGB is the developer of the Mid Valley City.
On the possibility of moving Mid Valley City into the real estate investment trust (REIT), he said the company had no intention of doing so in the near-term. -- Bernama

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