Singapore-listed CapitalMalls Asia, a subsidary of property developer CapitaLand, has announced its will be acquiring Queensbay Mall in Penang for about S$275.6 million or RM651.8 million (approx. S$306 per sq. ft).

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said “This acquisition signals our ongoing commitment to invest in Malaysia’s retail sector for the long-term, following our listing of CapitaMalls Malaysia Trust in July this year.”

On one of the reasons of the aquisition, he added, “Queensbay Mall will also form the seed asset for our planned RM1.0 billion Malaysia retail property fund, to potentially provide a pipeline of shopping malls for CapitaMalls Malaysia Trust to acquire”.

At time of writing, CapitalMalls Asia (SGX: JS8) is down one cent from its open of $1.87 to $1.86 per share. The company’s 52 week high is at $2.70 and 52 week low at $1.84 per share. Prices in SGD.

Official Press Release
Company Presentation on acquisition news

CapitaMalls Malaysia Trust
CapitaMalls Malaysia Trust (“CMMT”), listed on the Main Market of Bursa Malaysia Securities Berhad on 16 July 2010, is the country’s largest “pure-play” shopping mall real estate investment trust (“REIT”) by market capitalisation and property value. CMMT’s market capitalisation is about RM1.4 billion, while its portfolio has been valued at RM2.13 billion in a valuation commissioned by its Trustee, AmTrustee Berhad.

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