By Joseph Chin
*KUALA LUMPUR*: Singapore's CapitaLand Ltd has acquired 61.9% of the
total retail strata area of Sungei Wang Plaza in Kuala Lumpur for
RM595mil (S$250mil).
CapitaLand said Wednesday the acquisition of the 61.9% comprised of the
total retail strata area or 510,418 million sq. ft as well as the car
parks through an asset securitisation structure.
The chief executive officer of CapitaLand Retail Ltd, Pua Seck Guan said
together with the earlier acquisitions of Gurney Plaza and Mines
Shopping Fair, the three seed assets collectively amounted to about RM2bil.
He said the property assets put CapitaLand firmly on track to create its
proposed pure-play Malaysian retail REIT by end-2008.
Pua said Sungei Wang was one of the most established and popular malls
in the city centre of Kuala Lumpur, and it had nearly 100% occupancy and
more than 24 million visitors annually.
"Through our proactive management and by leveraging on our retail real
estate management expertise, there are tenancy remixing opportunities to
create significant value at Sungei Wang," he said.
Under the asset securitisation structure, Sungei Wang is held by a
special purpose vehicle, Vast Winners Sdn Bhd . VWSB has issued three
tranches of Senior Medium Term Notes, namely Class A, B and C, as well
as a tranche of Subordinated Class D Medium Term Notes.
CapitaLand's unit, Gain 888 Investments Pte Ltd had fully subscribed for
the Subordinated Class D Medium Term Notes in the principal amount of
RM338mil. The Senior Medium Term Notes were fully subscribed by a
Malaysian financial institution.
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