malaysias-ytl-corp-buys-control-of-singapore-reit

MalaysiaÆs YTL Corp buys control of Singapore Reit

The Malaysian developer pays $189 million for 26% of Macquarie Prime Reit and 50% of its management company, in the largest Singapore Reit M&A deal to date.

By Daniel Inman

October 28, 2008

YTL Corp, a Malaysian investment holding and management company, last night announced that it will acquire a 26% stake in Macquarie Prime Reit MP Reit and 50% of Prime Reit Management Holdings PRMH from Macquarie for S$285 million $189 million.

Singapore-listed MP Reit started out with a portfolio comprising two major properties on Singapore's Orchard Road û Wisma Atria and Ngee Ann City. It expanded in 2007 with the acquisition of seven properties in Tokyo and now also has one property in Chengdu in China. The real estate investment trust has a market capitalisation of S$516 million and the 10 properties in its portfolio are valued at around S$2.2 billion.

The 26% holding will...

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