Saturday, March 1, 2014

PavREIT


It may double by value in five years from 2014 as it injects more properties in Kuala Lumpur, which could include Royale Pavilian Hotel.

PavREIT is currently (Feb 2013) the largest retail REIT and the second biggest Malaysian REIT by asset size at around RM4.1 billion.

It comprise two properties which are Pavilion KL Mall and Pavilion Tower (office).

These properties form part of an integrated urban commercial development which includes two residential towers known as Pavilion Residences and Royale Pavilian Hotel

For FY ended Dec 31, 2013, Pavilion REIT's asset under management increased from RM4bil to RM4.1bil. The REIT closed the year at RM1.28 per unit.

The 13-storey Royale Pavilion Hotel is owned by Harmoni Perkasa Sdn Bhd, a subsidiary of Urusharta Cermerlang Sdn Bhd, which owns Pavilion Kuala Lumpur. The Qatar Investment Authority (QIA) has a 49% stake in Urusharta Cemerlang.

Developed by KL Pavilion Design Studio, construction of the Royale Pavilion Hotel will run from March 2014 to the second quarter of 2016.

This project is separate from the 29,127-sq ft parcel, which was acquired by Urusharta Cemerlang Sdn Bhd at a record RM7,209.80 per sq ft (totaling RM210mil) from London-based Millenium & Copthorne Hotels plc in 2010. That project was reported to be 50-storey block comprising 39 floors of residential units and 10 floors of retail space.

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