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CapitaMalls Asia Limited (“CMA”) will acquire approximately 90.7% of the retail strata area (approximately 916,181 square feet) and all car park spaces within Queensbay Mall in Penang, Malaysia (“Properties”) through CMA's subsidiaries and an asset-backed securitisation structure (“Acquisition”) at a purchase consideration of approximately RM651.8 million, subject to all relevant regulatory approvals having been obtained.
Pursuant to the right of first refusal granted by CMA to CapitaMalls Malaysia Trust (“CMMT”) dated 10 June 2010, CMA has offered to CMMT the first right to acquire the Properties. CapitaMalls Malaysia REIT Management Sdn. Bhd. (formerly known as CapitaRetail Malaysia REIT Management Sdn. Bhd.), the manager of CMMT, wishes to announce that it has evaluated the offer and has decided not to acquire the Properties at this juncture after taking into consideration various relevant strategic factors.
CMA has also undertaken that if CMA should sponsor a Malaysia retail property fund which will acquire interest in or in connection with the Properties, CMA intends to procure the Malaysia retail property fund to grant a right of first refusal to CMMT to acquire such interest in the event the Malaysia retail property fund wishes to dispose of its interest in the future.
This announcement is dated 22 December 2010. |
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