PETALING JAYA: I-Bhd
plans to set up its own real estate investment trust (Reit) as the property developer strives to unlock more value and derive at least half of its earnings from recurring income in five years’ time.
Signs of this move can be seen in its latest exercise, whereby I-Bhd is divesting its development rights and land (related to the construction of its mall in iCity) to Central Plaza i-City Real Estate Sdn Bhd. This is the joint venture company between I-Bhd and Thailand’s Central Patana plc (CPN) which is constructing the RM580mil CentralPlaza @ i-City mall.
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