Regal Path secures Rm1.1bil syndicated banking facilities
KUALA LUMPUR: Regal Path Sdn Bhd has secured syndicated banking facilities of up to Rm1.1bil for the acquisition of Pavilion Bukit Jalil mall from Pioneer Haven Sdn Bhd, a wholly owned subsidiary of Malton Bhd.
The iconic Pavilion Bukit Jalil mall being one of the country’s largest regional shopping hubs is part of the 20ha Bukit Jalil City integrated lifestyle project in the southern corridor of Klang Valley developed by Malton.
On Oct 10, Regal Path inked the facilities agreement with four banks – CIMB Bank Bhd, Malayan Banking Bhd, OCBC Bank (Malaysia) Bhd and United Overseas Bank (Malaysia) Bhd – at Pavilion Hotel Kuala Lumpur. The four banks are also the joint mandated lead arrangers (JMLA).
The syndicated banking facilities will be utilised to finance the acquisition of Pavilion Bukit Jalil mall. The facility agent and security agent are OCBC Bank and CIMB Bank respectively.
Regal Path is a joint venture company of Malton’s wholly-owned subsidiary Khuan Choo Realty Sdn Bhd, Qatar Investment Authority’s (QIA) wholly owned subsidiary Q PBJ Sdn Bhd, and Tan Sri Desmond Lim via his private vehicle Jelang Tegas Sdn Bhd.
On May 28, the three strategic investors entered into a subscription agreement with Regal Path to participate in the ownership of Pavilion Bukit Jalil mall.
“The signing of this agreement will enable Regal Path to secure funding for the acquisition of Pavilion Bukit Jalil mall. We are indeed honoured and pleased with the syndicated credit facilities offered by the four banks. The syndicated credit facilities granted by all the banks underscore the lenders’ strong support and confidence in the solid partnerships and business prospects of the stakeholders involved in the Pavilion Bukit Jalil mall landmark transaction,” according to Regal Path.
“We are proud to be the key financial partners for this landmark project. We are confident that with the strategic partnership between Desmond Lim of Pavilion Group and Qatar Investment Authority, and leveraging on the strong expertise of Pavilion as the retail manager, Pavilion Bukit Jalil mall will be another key shopping destination for both the local community and foreign tourists alike, similar to highly successful and award-winning Pavilion KL,” according to the JMLA.
Slated for completion by March 2021, Pavilion Bukit Jalil mall being the crown jewel of Bukit Jalil City is poised to be an entertainment and retail hub in the southern corridor of Klang Valley.
Tapping into the retail expertise of retail management team from Pavilion KL, an award-winning and Malaysia’s most successful mall, the Pavilion Bukit Jalil mall will feature a good mix of retailers thereby attracting a steady pool of local and international visitors.
With an estimated net lettable area of 1.8 million sq ft, the iconic Pavilion Bukit Jalil mall will be one of the country’s largest regional shopping hubs that will rejuvenate Bukit Jalil into a vibrant destination for business, best-in-class shopping experience, dining, leisure and entertainment hub to both local and tourists alike.
Fronting the lush Bukit Jalil recreational park, the 20ha of prime freehold land Bukit Jalil City comprises Pavilion Bukit Jalil mall, Signature Shop Offices, The Park Sky Residence, The Park 2 and a hotel.
The four-tower blocks of The Park Sky Residence, the first residential component, will be completed and delivered to purchasers by end of this year.