CapitaMalls Asia (CMA) is acquiring Malaysia retail property Gurney Plaza Extension from an associate company of Metro Holdings for S$91.5 million, following Metro’s announcement to exercise a put option.
The 134,549-sq-ft Gurney Plaza Extension is a nine-storey retail block located in Penang. It has a maximum net lettable area of 12,500 sq m and is part of the Gurney Park development.
As of March 31, the mall enjoyed 98.7 percent take-up rate.
Metro Holdings said it is selling the property since it now has a stable rental income. It added that net proceeds of the sale will be added to its working capital and will finance the company’s investment in the region.
Under the agreement, CMA is required to complete the purchase by April next year.
Meanwhile, CMA said it has selected CapitaMalls Malaysia Trust (CMMT) as its listed vehicle to hold its stabilised Malaysian retail assets. CMA also said that it will be granting CMMT a right of first refusal to acquire the property after the finalisation of all the terms and conditions of the acquisition.