Pavilion REIT to buy USJ mall for RM488mil

PETALING JAYA: Pavilion Real Estate Investment Trust’s manager Pavilion REIT Management Sdn Bhd will acquire the da:mén USJ shopping mall from Equine Park Country Resort Sdn Bhd and Revenue Concept Sdn Bhd.

The acquisition will cost RM488mil for a five-storey shopping mall with a lower ground floor of about 420,920 sq ft of net lettable area.

It will also include a two-level basement car park with 1,672 parking bays, the manager said in a press release yesterday.

Both plots are situated on a piece of freehold land that measures 3.499 ha.

It is located north-east of Kuala Lumpur City Centre and operations are expected to commence in Nov 2015.

da:men is also strategically located along Jalan Kewajipan, within the locality of USJ 1, Subang Jaya.

The mall is between two major highways, that is the Shah Alam Highway to the north and Damansara – Puchong Highway to its south.

“The acquisition is expected to be completed by the first quarter of 2016 and is consistent with the investment objective and strategy of Pavilion REIT,” it said.

“It is intended to be fully funded by debt, which will increase Pavilion REIT’s gearing ratio to 23%, which is below the gearing limit of 50% prescribed by the REIT guidelines,” it added.

It will also enlarge Pavilion REIT’s portfolio from RM4.4bil as at June 30 to RM4.9bil.

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