Starhill Real Estate Investment Trust's (REIT) has entered into three separate hotel business and property sale agreements to buy the Marriot hotels in Sydney, Melbourne and Brisbane for RM1.31 billion.
The agreements were entered by Starhill REIT indirect wholly-owned unit, Pintar Projek Sdn Bhd, with Commonwealth Managed Investment Ltd, 30 Pitt Street Pty Ltd, 515 Queen Street Pty Ltd and Lonex Pty Ltd.
AmInvestment Bank Bhd, the manager of the trust, said the proposed acquisition was expected to be funded through a combination of bank borrowings and cash.
"The proposed acquisition is expected to contribute positively to Starhill REIT's distributable income and distribution per unit," it said in a filing to Bursa Malaysia.
Starhill REIT added that the proposed acquisition would reposition the company with stable fixed lease rentals from its existing properties and variable income from the Marriott Hotels.
AmInvestment said the proposed acquisition would also enhance Starhill REIT's position as a pure play international hospitality REIT.
The trust's property asset value would also increase from about RM1.58 billion to about RM3 billion comprising assets located in Malaysia, Japan and Australia.
By Bernama
Wednesday, June 13, 2012
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment