Pavilion REIT buys Elite Pavilion Mall and assets for RM580mil

KUALA LUMPUR: Pavilion Real Estate Investment Trust (Pavilion REIT) has acquired Elite Pavilion Mall and its related assets from Urusharta Cemerlang (KL) (UCKL) Sdn Bhd and Urusharta Cemerlang Sdn Bhd (UCSB) for RM580mil.

In a filing to Bursa Malaysia, Pavilion REIT said it had signed a conditional sale and purchase (S&P) agreement with UCKL for the acquisition of Elite Pavilion and vesting agreement with UCSB and UCKL for the vesting of the extension-connections.

“We also entered into conditional sale and purchase agreement with UCSB for the disposal of the Disposed Car Park Bays for RM880,000,” it said.

It said the proceeds raised from the disposal of the Disposed Car Park Bays would be used to meet the operational needs of Pavilion REIT within two months from completion of the disposal. Pavilion REIT said the proposed acquisition of Elite Pavilion involved the extension by it of its existing Pavilion Kuala Lumpur shopping mall by acquiring the new Elite Pavilion shopping mall together with strategic linkages, tenancies, car park bays, utilities and ancillary components which would provide seamless interconnection with Pavilion KL Mall.

Meanwhile, in a separate filing to the bourse, Pavilion REIT said its pre-tax profit for the second quarter ended June 30, 2017 slipped to RM54.4mil from RM59.55mil in the same period a year ago.

Its revenue declined to RM111.42mil from RM121.03mil previously. — Bernama

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