AmTrustee Bhd, a trustee of CapitaMalls Malaysia Trust (CMMT), has entered into a conditional sale and purchase agreement on behalf of it, to acquire Penang's Gurney Plaza Extension for RM223.3 million.

CMMT is managed by CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM).

CMRM chief executive officer Sharon Lim said the purchase is part of the company plans to integrate the extension with CMMT's Gurney Plaza Shopping Mall portfolio.

"Gurney Plaza Extension is fully occupied, and the proposed acquisition will present a unique opportunity for us, to make the combined mall an even more compelling shopping destination in Penang," she said in a statement today.

She added, the acquisition will be funded through a mix of debt and equity, which includes placing out new CMMT units.

CMMT is the country's largest shopping mall real estate investment trust by market capitalisation and property value.

Listed on the Main Market of Bursa Malaysia Securities Bhd, CMMT's market capitalisation is estimated at RM1.4 billion, while its portfolio has been valued at RM2.13 billion.

Gurney Plaza Extension is a nine-storey retail extension block with a net lettable area of about 139,964 square feet and has been valued at RM225 million.–BERNAMA

SOURCE: Business Times