CapitaLand buys stake in popular KL shopping mall

CapitaLand buys stake in popular KL shopping mall

 

CapitaLand announced today that it has acquired close to 62 percent of the total retail strata area in KL’s Sungei Wang Plaza.

 

It bought the property at a price of some 250 million dollars through an asset securitisation structure.

 

Sungei Wang, a popular shopping mall among tourists, is situated in KL’s Golden Triangle.

 

Under the asset securitisation structure, Sungei Wang is held by a special purpose vehicle, Vast Winners.

 

CEO of CapitaLand Retail Pua Seck Guan said that there are tenancy remixing opportunities to create significant value at Sungei Wang.

 

He added that together with the earlier acquisitions, CapitaLand has a total asset size of some 840 million dollars in Malaysia.

 

This puts CapitaLand firmly on track to create its proposed pure-play Malaysian retail REIT by the end of the year.

 

CapitaLand had earlier bought Gurney Plaza and Mines Shopping Fair.

 

Source: 938Live

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