BlackRock sells Malaysian mall to Asian REIT
BlackRock has sold a luxury shopping mall in central Kuala Lumpur to Malaysia-based Pavilion REIT for $37.76 million.
The Intermark Mall is park of The Intermark mixed-use development located at the crossroads of Jalan Ampang and Jalan Tun Razak in Kuala Lumpur.
MAL II (BVI), a private real estate fund managed by BlackRock, bought The Intermark Mall along with two corporate office towers and a hotel for $600 million in 2007 and has refurbished the complex. The mall is 74 percent occupied.
In April, BlackRock sold one of The Intermark’s office towers, Integra Tower, to Kumpulan Wang Persaraan for $288.3 million. The Intermark also houses a DoubleTree by Hilton hotel, which was sold for $105 million to Singapore-based Royal Group.
Upon completion, the proposed acquisition will enlarge Pavilion REIT’s portfolio of investment properties from RM4.6 billion ($1.07 billion), as of Sept. 30, to RM4.8 billion ($1.11 billion). The REIT expe