KUALA LUMPUR, Dec 29 — Pavilion Real Estate Investment Trust (Pavilion REIT) is acquiring The Intermark Mall here for RM160 million cash.
In a filing to Bursa Malaysia Tuesday, Pavilion REIT said the trustee, AMTrustee Bhd, signed the sale and purchase agreement on its behalf with The Intermark Sdn Bhd for the acquisition of the six-storey retail building with a strata floor area of 31,348 sq meters.
The manager, Pavilion REIT Management Sdn Bhd, intended to fully fund the proposed acquisition through debt, it said.
“The manager aims to provide the unitholders of Pavilion REIT with regular and stable distributions as well as to achieve long-term growth in the net asset value per unit in Pavilion REIT,” Pavilion REIT said.
It said the proposed acquisition was expected to be completed by the first quarter of 2016 and, upon completion, would enlarge Pavilion REIT’s portfolio of investment properties to RM4.8 billion from RM4.6 billion as at Sept 30, 2015.