The Qatar Investment Authority (QIA) has informed Malton Bhd, via a letter dated 3 January, that it has obtained principle approval from its investment committee to participate in the ownership of the Pavilion Bukit Jalil mall, reported The Edge.
However, it did not reveal the stake size in the on-going development.
“(This is) subject to the completion of due diligence and execution of legal definitive agreements,” said Malton. “Further announcements will be made in due course.”
It was previously reported in July 2018 that Canada Pension Plan Investment Board was in discussion with Malton over the acquisition of up to a 49 percent stake in the said mall.
Malton recently announced on 17 January that Pavilion Real Estate Investment Trust (REIT) has decided against participating in Pavilion Bukit Jalil mall’s ownership, without providing the reason for the decision.
Both Malton and Pavilion REIT are connected to property tycoon Tan Sri Desmond Lim Siew Choon, who serves as chairman and substantial shareholder in both entities.
With a net lettable area of 1.8 million sq ft, Pavilion Bukit Jalil features one block of retail mall with two levels of basement parking and five levels of retail space. It is expected to open to the public in the third quarter of 2020.
The mall forms part of the RM4 billion Bukit Jalil City project that is being undertaken by Malton’s fully-owned subsidiary Pioneer Haven Sdn Bhd.
Image source: The Edge Markets
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