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BlackRock sells Kuala Lumpur mall to Malaysia's Pavilion

Wednesday, December 30, 2015 - 11:36
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BlackRock, the world's largest asset manager, said on Wednesday it has sold a luxury shopping mall in central Kuala Lumpur to Malaysia's Pavilion Real Estate Investment Trust (Pavilion Reit) for 160 million ringgit (S$52.8 million).

[KUALA LUMPUR] BlackRock, the world's largest asset manager, said on Wednesday it has sold a luxury shopping mall in central Kuala Lumpur to Malaysia's Pavilion Real Estate Investment Trust (Pavilion Reit) for 160 million ringgit (S$52.8 million).

BlackRock bought the Intermark Mall along with two corporate office towers and a hotel for US$600 million in 2007 and has refurbished the complex on prime real estate in Malaysia's capital.

The sales of one of the office towers and the hotel have since garnered BlackRock a combined total of US$339 million.

BlackRock is also looking to sell an office tower in Singapore in a deal which reports say could be worth as much as S$4 billion.

Pavilion Reit said in a filing to the Malaysian stock exchange that the purchase should be complete by the first quarter of 2016. ($1 = 4.2860 ringgit)

REUTERS