Property developer CapitaLand has acquired about 62 per cent of Sungei Wang Plaza, one of the most established retail malls in Kuala Lumpur.
It paid about S$250 million for the purchase, which includes retail space and parking lots.
Sungei Wang is a prime freehold property along the main Bukit Bintang shopping precinct in the Malaysian capital.
The mall has close to 100 per cent occupancy and sees more than 24 million visitors annually.
CapitaLand said the acquisition will form the third seed asset for its proposed pure-play Malaysian retail real estate investment trust (REIT).
Its earlier acquisitions are the Gurney Plaza in Penang and Mines Shopping Fair in Selangor.
The three properties will have a combined asset size of about S$840 million.
CapitaLand said this will put it firmly on track to create its proposed pure-play Malaysian retail REIT by the end of this year. – CNA/ms
Source : Channel NewsAsia – 25 Jun 2008