KUALA LUMPUR (April 16): Petroliam Nasional Bhd's (Petronas) real estate investment trust may add two multi-billion ringgit prime land assets here into its porfolio.
KLCC Real Estate Investment Trust (KLCC REIT) chief executive officer Datuk Hashim Wahir said it might acquire the two mixed-development projects within the Kuala Lumpur City Centre (KLCC) from its parent company upon completion of the properties over the next five years.
The two mixed-development projects are known as Lot 185 and Lot 91.
According to Hashim, Lot 185 is a 50:50 joint venture (JV) with Qatari Diar REIT. The property will comprise two towers, a 56-storey entity and another 77-storey building.
Hashim declined to reveal the gross development value of the project. He, however, said the project was expected to be completed by 2020.
Lot 91 is a 50:50 JV with Sapura Resources Bhd. The project involves the construction of a new office tower, which is due for completion in 2018.
"We are not only eyeing the projects, but we also have the first right of refusal for the properties," Hashim told reporters after KLCC REIT's annual general meeting today.
Petronas owns 75.47% in KLCC REIT, under which the Petronas Twin Towers, Menara ExxonMobil and Menara 3 Petronas are parked under. It was reported that these properties had a combined value of RM8.76 billion in 2013.
Today, KLCC REIT shares rose seven sen or 1% at 3.35pm to RM7.19 for a market capitallisation of RM13.01 billion.
The share price compares with KLCC REIT's latest reported book value of RM6.66 a share.
KLCC REIT and KLCC Property Holding Bhd shares are traded as a single entity on Bursa Malaysia.
Collectively, both KLCC REIT and KLCC Property are known as the KLCC Stapled Group.
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