Friday, July 2, 2010

CapitaMalls Malaysia Trust to list on July 16

CapitaMalls Malaysia Trust (CMMT), the largest “pure-play” shopping mall REIT in the country, is expected to list on the Main Market of Bursa Malaysia Securities Bhd on July 16 with a market capitalisation of about RM1.4 billion.

Upon listing, CMMT will invest in a portfolio of income-producing real estate primarily used for retail purposes and located primarily in Malaysia.

Its initial portfolio which comprises of Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur, and The Mines in Selangor has a total net lettable area of approximately 1.88 million square feet.

AmTrustee Bhd, the CMMT Trustee, has conducted a valuation which valued the portfolio at RM2.13 billion.
As CapitaMalls Asia seeks to capitalise on acquisition opportunities present in Malaysia’s fragmented shopping mall market, CMMT will be the designated listed vehicle to hold its stabilised Malaysian retail assets, the company said in a statement.

CMMT will be given a right of first refusal over retail properties located in Malaysia that CapitaMalls Asia or any of its subsidiaries may identify and target for acquisition in the future, including a right of first refusal over Gurney Plaza Extension.



- by Business Times

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...