New post added at - CapitalMalls Malaysia acquires Tropicana City Mall Jan 27, 2015 CapitaMalls Malaysia Trust (CMMT) has inked a conditional sale and purchase agreement with Tropicana City Sdn Bhd for the acquisition of Tropicana City Mall (pictured) as well as its office tower in Petaling Jaya for RM540 million. In 2013, CMMT and Tropicana Corp were in talks over the transaction of said property but the talks fell through. “This proposed acquisition will thus further expand CMMT’s portfolio in terms of both income and geographical spread, and enable CMMT to continue to deliver stable returns to our unitholders,” said David Wong Chin Huat, Chairman of CapitaMalls Malaysia REIT Management (CMRM), the manager of CMMT. Notably, CMMT has four shopping malls under its portfolio – Sungei Wang Plaza in Kuala Lumpur, Gurney Plaza in Penang, East Coast Mall in Kuantan, Pahang and The Mines in Selangor. The four-storey Tropicana City Mall has 1,759 car park bays and a net lettable area (NLA) of more than 448,000 sq ft, while the Tropicana City Office Tower features over 101,000 sq ft of NLA. The 12-storey office tower is also fully occupied. “We see opportunities for potential improvement in trade mix and rental income going forward. With our proven track record in proactive asset and retail management, we are confident that we can further maximise the potential of the asset and extract value for our unitholders,” noted CMRM CEO Low Peck Chen. Meanwhile, Tropicana has granted CMMT the right to use the name “Tropicana City Mall” as well as all existing logos and trademarks relating to the properties for the period of 36 months. In a statement, Tropicana said the disposal “is another key milestone in the group’s de-gearing initiative aimed at monetising the significant value of its sizeable asset base and further enhancing shareholder returns.” Image Source: Tropicana Corporation Berhad Nikki De Guzman, Editor at CommercialGuru in Singapore, edited this story. To contact her about this or other stories email [email protected]. Post A Comment
Posted on: Tue, 27 Jan 2015 11:25:56 +0000
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