Malton through its 51% joint venture, Regal Path has confirmed the sale of Pavilion Bukit Jalil Mall to MTrustee acting as trustee of Pavilion REIT for RM2.2 billion.
The conditional Sale and Purchase Agreement is for the disposal of 1 block of 5-storey retail mall with 2 basement car park levels located within Bukit Jalil City, Bukit Jalil, Kuala Lumpur, together with the related assets and rights, known as “Pavilion Bukit Jalil Mall” to Pavilion REIT.
The indicative disposal consideration will be satisfied either fully in cash, or a combination of new units in Pavilion REIT of up to the equivalent sum of RM600,000,000 and the balance in cash the group added.
To recap, Malton had previously completed the sale of the Pavilion Bukit Jalil Mall to Regal Path simultaneously with a dilution of its 49% equity interest in Amberstraits Sdn Bhd to Jelang Tegas Sdn Bhd. Following the Disposal of 49%, the Pavilion Bukit Jalil Mall was duly registered in the name of Regal Path.
MIDF Amanah Investment Bank Berhad has been appointed as the Independent Adviser to advise the non-interested directors and noninterested shareholders of Malton on the Proposed Disposal.
Pavilion REIT’s assets include Pavilion Kuala Lumpur Mall, Intermark Mall, DA MEN Mall, Elite Pavilion Mall and Pavilion Tower.
