CapitaLand buys shopping centres in Malaysia

Posted on | August 17, 2007

By THE STAR

SINGAPORE: CapitaLand Ltd is acquiring two shopping centres in Malaysia for RM1.2bil as it prepares for a retail real estate trust in the neighbouring country.

CapitaLand will pay RM770mil for Gurney Plaza in Penang and RM430mil for the Mines Shopping Fair, it said in a release to the Singapore exchange. “We have identified other quality Malaysian retail assets that will augment Gurney Plaza and the Mines Shopping Fair, and form the pipeline of assets for our pure-play Malaysian retail REIT, which could possibly be listed within a year,” chief executive officer Liew Mun Leong said.

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