Talks on buying Pavilion Bukit Jalil mall from Malton still ongoing — Pavilion REIT

KUALA LUMPUR (July 14): Pavilion Real Estate Investment Trust (REIT) said on Thursday (July 14) that discussions to buy Pavilion Bukit Jalil mall from Malton Bhd are still ongoing.

"The due diligence exercise in connection with the potential acquisition of Pavilion Bukit Jalil is currently at an advanced stage and discussions on the terms of the sale and purchase agreement are still ongoing with Regal Path Sdn Bhd (a subsidiary of Malton Bhd)," Pavilion REIT said in a filing with Bursa Malaysia.

Malton said in December last year that it was in talks to sell Pavilion Bukit Jalil mall — located within the 50-acre Bukit Jalil City, a development under Malton — to Pavilion REIT.

Malton's executive chairman and major shareholder Tan Sri Desmond Lim is also the chairman and non-independent executive director of Pavilion REIT Management Sdn Bhd, the manager of Pavilion REIT.

Pavilion REIT's portfolio comprises Pavilion Kuala Lumpur mall, Intermark Mall, Da Men Mall, Elite Pavilion Mall and Pavilion Tower.

Malton shares closed unchanged at 39.5 sen, valuing the group at RM205.94 million.

Pavilion REIT rose one sen or 0.76% to RM1.32 for a market capitalisation of RM4.03 billion.