CLI to divest, sells mall for $211m to CapitaLand

CapitaLand Investment Limited (CLI) has entered into agreements with CapitaLand Malaysia Trust (CLMT), its sponsored real estate investment trust listed on Bursa Malaysia, to divest its entire interest comprising 91.8 percent of the total strata floor area of retail parcels in Queensbay Mall, Penang, Malaysia. The agreed value is RM990.50 million (S$300.3 million/$211.1 million).

Queensbay Mall is a free-standing eight-story shopping center with a lower ground floor and a lower ground mezzanine comprising five floors of retail space and parking. The property is located at No. 100, Persiaran Bayan Indah, 11900 Bayan Lepas, Pulau Pinang. It is one of the largest malls in Penang and is strategically located at Bayan Lepas along the southeastern shorefront of Penang Island, with transportation links and proximity to the Penang Bridge and the Bayan Lepas industrial hub in Penang’s Free Trade Zone.

Queensbay Mall is accessible from the north and the south of Penang Island