Pavilion-reit to buy Pavilion Bukit Jalil Mall for RM2B

Pavilion Real Estate Investment Trust (Pavilion-reit) has proposed to acquire Pavilion Bukit Jalil Mall (PBJ) from Regal Path Sdn Bhd for an aggregate purchase consideration of Rm2.2bil.

In a filing with Bursa Malaysia yesterday, it said Regal Path will dispose of one block of five-storey retail mall with two basement car park levels located within Bukit Jalil City, Kuala Lumpur, together with the related assets and rights.

In addition, Pavilion-reit will also acquire additional moveable assets required for the operations of PBJ Mall which include laptops, buggies and mobile elevating work platforms (ancillary purchases).

“The purchase consideration for the ancillary purchases will be based on the total net book value of the assets as at the completion date.

“As at the latest practicable date, the total net book value of these assets is about Rm3.4mil,” it said.

Regal Path is a joint-venture company of Malton’s wholly-owned subsidiary, Khuan Choo Realty Sdn Bhd, Qatar Investment

Authority’s wholly-owned subsidiary Q PBJ Sdn Bhd, and Tan Sri Desmond Lim via his private vehicle Jelang Tegas Sdn Bhd.

Malton said the disposal is not expected to result in it becoming a cash company or a PN17 company as defined under the Listing Requirements.

In conjunction with the acquisition, Pavilion-reit has also proposed to undertake the proposed placements of new units to raise up to Rm1.27bil at an issue price to be determined later by way of book-building exercise. — Bernama