In a MYR160 million ($37.33 million) deal, asset manager BlackRock has sold a luxury shopping mall in central Kuala Lumpur to Malaysia’s Pavilion Real Estate Investment Trust.
Reputed to be the world’s largest asset manager, BlackRock, registered on the New York Stock Exchange, bought Intermark Mall in 2007, along with two corporate office towers and a hotel, for $600 million through a private real estate fund. One of the office towers and the hotel have since been sold, reports Deal Street Asia.
In a filing with the Malaysian Stock Exchange, Pavilion REIT said it had entered into a sale and purchase agreement with The Intermark Sdn Bhd for the acquisition of the six-storey retail building, which has a strata floor area of about 337,427sqft (31,350 sqm) together with basement parking for 367 cars.
With a 74 per cent occupancy rate, the Intermark will return guaranteed rentals of MYR15 million for three years, to be held by a trustee for Pavilion REIT. The company expects the purchase to be completed this first quarter.