CapitaLand Malaysia Trust has been cleared to acquire Queensbay Mall, a shopping centre in Penang.

The REIT first disclosed in November 2022 that it is proposing to acquire 91.8% of the strata floor area of retail parcels in Queensbay Mall for MYR990.5 million.

The parcels are to be acquired from parties related to CapitaLand Investment Limited, the REIT’s sponsor.

Related: CapitaLand Malaysia Trust to acquire Queensbay Mall for MYR990.5 million

As the acquisition is being made from a related party, the REIT is required to receive unitholders' approval, which was sought at an extraordinary general meeting (EGM) on 23 February.

And unitholders overwhelmingly voted in favour of an ordinary resolution to approve the acquisition at this EGM.

Additionally, CapitaLand Malaysia Trust has also received its unitholders’ nod to issue up to 1031.77 million new placement units to raise up to MYR495.25 million to fund the acquisition.

CapitaLand has committed to support the proposed private placement and intends to take up its pro-rata entitlement of 39.3%.

CapitaLand Malaysia Trust was last done on the Bursa Malaysia at MYR0.53.