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Pavilion REIT’s income within consensus forecast

Pavilion Real Estate Investment Trust
(Oct 31, RM1.50)
Downgrade to “underperform” from “market perform” with target price (TP) of RM1.48.
The ninth month of financial year 2014’s (9MFY14) realised net income (RNI) of RM175.3 million came in within expectations, making up 77% of the street consensus and 78% of our estimate. As expected, there are no dividends.

CIDB introduces updated Qlassic system

KUALA LUMPUR: The Construction Industry Development Board Malaysia (CIDB) has updated its Quality Assessment System in Construction (Qlassic) system.

BRDB to focus on landed residential development

KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB) is focusing on more landed residential developments in the future. This was announced at BRDB’s Senja show homes launch on Wednesday. The RM900 million Senja is BRDB’s second landed residential development after Bangsar Hill. Senja will be officially launched in November.

Iris to increase stake in Palau Peleliu Resorts to 80%

KUALA LUMPUR: Iris Corp Bhd is acquiring 3.33 million shares or a 50% stake in Palau Peleliu Resorts Ltd from UK Investment Holdings Ltd for US$5 million (RM16.4 million) or US$1.50 per share.

In a filing with Bursa Malaysia yesterday, Iris said its 60%-owned subsidiary Iris Land Sdn Bhd had signed an agreement with UK Investment for the proposed acquisition.

Battersea closes £1.35b syndicated debt facility

LONDON: Battersea Power Station Development Company Ltd has closed a syndicated debt facility of £1.35 billion to fund the development of Phase 2 and Phase 3 of the iconic Battersea Power Station (BPS) here.