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Pavillion REIT eyes expansion in Malaysia
by hlk Wed 07 Dec 2011, 13:51
Pavilion Real Estate Investment Trust (Pavilion REIT), Malaysia's largest retail real estate investment, is seeking opportunities to expand its assets in Penang, Johor and the Klang Valley.
Pavilion REIT's manager, Pavilion REIT Management Sdn Bhd chief executive officer, Philip Ho said: "As a retail real estate investment trust, our duty is to acquire malls, to build up the portfolio.
"We will evaluate any financially viable investment opportunity that comes around," he told reporters at a press conference in Kuala Lumpur today.
Speaking on the expansion plans, Ho said the company's trustees had signed three rights of first refusal (ROFR) to acquire Farenheit88, the Pavilion Mall's extension, and also another mall in USJ Subang Jaya.
On overseas expansion, he said the management will evaluate opportunities when presented, but for now, the company is focused on local expansion.
Ho also said the Pavilion Mall contributes 96.4 per cent to the Group's overall revenue.
Meanwhile, on Bursa Malaysia's main market today, Pavilion REIT opened at RM1.03, a 13 sen premium over its institutional price of 90 sen, with 15.7 million unit shares traded at the opening bell. -- Bernama
Pavilion REIT's manager, Pavilion REIT Management Sdn Bhd chief executive officer, Philip Ho said: "As a retail real estate investment trust, our duty is to acquire malls, to build up the portfolio.
"We will evaluate any financially viable investment opportunity that comes around," he told reporters at a press conference in Kuala Lumpur today.
Speaking on the expansion plans, Ho said the company's trustees had signed three rights of first refusal (ROFR) to acquire Farenheit88, the Pavilion Mall's extension, and also another mall in USJ Subang Jaya.
On overseas expansion, he said the management will evaluate opportunities when presented, but for now, the company is focused on local expansion.
Ho also said the Pavilion Mall contributes 96.4 per cent to the Group's overall revenue.
Meanwhile, on Bursa Malaysia's main market today, Pavilion REIT opened at RM1.03, a 13 sen premium over its institutional price of 90 sen, with 15.7 million unit shares traded at the opening bell. -- Bernama
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