CapitaLand unit to buy Penang mall

SINGAPORE: CapitaMalls Asia, a unit of Southeast Asia’s largest property developer CapitaLand, said today it will acquire a mall in Penang, Malaysia, for S$275.6 million (US$209.9 million).

The firm said Queensbay Mall, its fourth in Malaysia, will form the seed asset for its planned RM1 billion Malaysia retail property fund.

“The acquisition of Queensbay Mall, the largest shopping mall in Penang, will substantially strengthen CapitaMalls Asia’s market leadership in the state,” said Lim Beng Chee, CEO of CapitaMalls Asia.

By Reuters