Pavilion Real Estate Investment Trust (Pavilion REIT) is seeking the approval of its unit holders for the RM2.2 billion purchase of Pavilion Bukit Jalil Mall (PBJ Mall).
The acquisition plan also includes strategic connecting bridges, underpasses, rentals, parking spaces, utilities and ancillary components in addition to the mall.
An extraordinary general meeting (EGM) will be held on March 22 for unitholders to vote on the proposal.
The proposed placement of units to the Employees' Provident Fund (EPF), which currently holds 9.9% of all issued units, will also be decided at the EGM.
It is understood that a conditional sale and purchase agreement was signed on 22 November 2022 by M Trustee Bhd who is the trustee of Pavilion REIT, to purchase the property and related assets from Regal Path Sdn Bhd.
The purchase price of RM2.2 billion will be paid in two installments, where upon the completion date of the transaction, the first tranche of RM1.65 billion is payable subject to several requirements.
The acquisition is expected to positively impact Pavilion REIT's future growth by increasing its portfolio base to RM8.3 billion from RM6 billion.
