KLCC Property Holdings Berhad has entered into an agreement with the other owners of Suria KLCC Sdn Bhd namely Ocmador (Malaysia) City Retail Centre Sdn Bhd, PortMoresby Investments Limited and Bold Peak Sdn Bhd, to acquire the remaining 40% equity interest for a purchase consideration of RM1.95 billion.
Upon completion of the Proposed Acquisition, Suria KLCC, a 60%-owned subsidiary of KLCCP will become a wholly owned subsidiary of KLCCP. KLCCP and KLCC Real Estate Investment Trust, collectively known as KLCCP Stapled Group.
Datuk Md. Shah Mahmood, Chief Executive Officer of KLCCP, said, “This Proposed Acquisition will solidify KLCCP’s overall portfolio and is anticipated to generate yield of approximately 6% to 7%. With a focused tenant strategy, deep data driven customer understanding and its longterm plans to revitalise the retail industry, Suria KLCC has positive long-term prospects and will be value accretive to the asset portfolio of KLCCP Stapled Group”.
The Proposed Acquisition will be funded by external borrowings and is expected to be completed by second quarter of 2024.
