Pavilion REIT has received approval from Securities Commission Malaysia to list up to 218 million new units on the main market of Bursa Malaysia.
The REIT first announced in July 2017 that it was looking to conduct a private placement of new units, proceeds from which will be used to partly fund the acquisition of Elite Pavilion shopping mall.
The acquisition is expected to cost Pavilion REIT some MYR580 million.
Acquisition of Elite Pavilion shopping mall will effectively extend Pavilion REIT’s existing Pavilion Kuala Lumpur shopping mall via a subway linkage, and other ancillary components.
Maybank, CIMB and the REIT’s manager will need to inform Securities Commission Malaysia of the actual number of units issued on the private placement, and the date on which these will be listed.