Pavilion REIT proposes acquisition of Bukit Bintang hotels for RM480mil

The acquisitions align with Pavilion REIT’s strategy which contributes positively to the overall portfolio and future growth. - pic from Banyan Tree Kuala Lumpur

KUALA LUMPUR: Pavilion Real Estate Investment Trust (REIT) has proposed to acquire two hospitality assets - the Banyan Tree Kuala Lumpur (BTKL) and Pavilion Hotel Kuala Lumpur (PHKL)- in the Bukit Bintang area, for a combined RM480mil.

In a statement, Pavilion REIT Management Sdn Bhd said the REIT's trustee, MTrustee Bhd, had entered into a conditional sales and purchase agreement with Lumayan Indah Sdn Bhd for the acquisition of BTKL at a purchase consideration of RM140mil, and a separate conditional agreement with Harmoni Perkasa Sdn Bhd for the acquisition of PHKL for RM340mil.