KUALA LUMPUR: IGB Real Estate Investment Trust
(IGB REIT) has proposed to acquire The Mall, Mid Valley Southkey (MVS Mall) in Johor Bahru for RM2.65 billion.
In a filing with Bursa Malaysia today, IGB REIT said the acquisition will be undertaken by MTrustee Bhd, acting as trustee for and on behalf of IGB REIT, from Southkey Megamall Sdn Bhd (SMSB).
The proposed acquisition includes the mall, its operational assets, tenancy agreements, essential contracts and related components, it said.
"MVS Mall comprises five levels of retail mall with a mezzanine floor, together with eight levels of split-level elevated car parks and two levels of basement car parks,” it said.
IGB REIT said the purchase consideration will be settled via a combination of RM1 billion in cash and RM1.65 billion through the issuance of new IGB REIT units.
The acquisition is not expected to have any material effect on IGB REIT’s earnings, earnings per unit and distributable income per unit for the financial year ending Dec 31, 2025, as the deal is only expected to be implemented and completed in the fourth quarter of 2025, it said.
In a separate statement, IGB REIT said MVS Mall would be a new addition to its portfolio, with expectations of stable recurring income and potential for future growth.
"This is underpinned by its prime location within the integrated Mid Valley Southkey development in Johor Bahru, a key economic zone.
"MVS Mall also features a robust tenant mix, which includes anchor tenants such as Sogo, Village Grocer, Golden Screen Cinemas, Aurum Theatre and MVEC Exhibition Hall,” it added. - Bernama
