YTL REIT to Acquire Majestic Hotel Kuala Lumpur

Share

YTL REIT to Acquire Majestic Hotel Kuala Lumpur

KUALA LUMPUR, May 26 — Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT (YTL REIT), had entered into a conditional sale and purchase agreement with YTL Majestic Hotel Sdn Bhd to acquire Majestic Hotel Kuala Lumpur for RM380 million.

YTL Majestic is the indirect subsidiary of YTL Corporation Bhd.

“Maybank Trustees Bhd, the trustee of YTL REIT, will sub-lease the property to YTL Majestic Hotel upon the completion of the proposed acquisition under a sub-lease agreement for 15 years, with an option granted to the vendor to renew for a further 15 years,” said YTL REIT in a filing to Bursa Malaysia today.

The sub-lease arrangement would provide YTL REIT with a steady and secure income stream and is expected to be accretive to the trust’s future distributable income and distribution per unit.


Share
Sign up and stay updated
Get the latest property news, home solution tips, interior design ideas and property guides.
By subscribing, you consent to receive direct marketing from iProperty.com Malaysia Sdn Bhd (iProperty), its group of companies and partners. You also accept iProperty’s Terms of Use and Privacy Policy including its collection, use, disclosure, processing, storage and handling of your personal information.