Pavilion REIT's 3Q income up 10% after new assets buy
The REIT said retail remains the cornerstone of its performance, contributing RM652.
The REIT said retail remains the cornerstone of its performance, contributing RM652.
While Pavilion REIT continues to benefit from a rebound in tourism with expected drive spending and traffic at key assets such as Pavilion Kuala Lumpur and Pavilion Elite, the research house said the recent share price rally had already priced in much of this optimism and “tilted its risk-reward to be less compelling”.
The trust, which mainly manages retail and hospitality assets, declared an interim income distribution of 0.
The issue price represents a discount of 3.
The REIT's distributable income came in at RM98.
Post-acquisition, the hotels will comprise approximately 5.
The REIT’s distributable income for 4QFY2024 stood at RM88.
After acquiring two premier hotels namely Banyan Tree Hotel and Pavilion Hotel in Kuala Lumpur for a sum of RM480 million.
Pavilion REIT said the acquisitions align with its commitment to deliver premium offerings while capitalising on synergistic opportunities with Pavilion KL mall.
Quarterly revenue grew 4% to RM207.