Regal Path Secures Syndicated Banking Facilities of RM1.1 Billion for Pavilion Bukit Jalil Mall
 
Oct 15, 2019
Category:
Tags:

Kuala Lumpur, 14 October 2019 --( ASIA TODAY )-- Regal Path Sdn Bhd (Regal Path) has secured syndicated banking facilities of up to RM1.1 billion for the acquisition of Pavilion Bukit Jalil mall from Pioneer Haven Sdn Bhd, a wholly owned subsidiary of Malton Berhad (Malton). The iconic Pavilion Bukit Jalil mall being one of the country’s largest regional shopping hubs, is part of the 50-acre Bukit Jalil City integrated lifestyle project in the southern corridor of Klang Valley developed by Malton.

On 10 October 2019, Regal Path inked the facilities agreement with four banks, namely CIMB Bank Berhad, Malayan Banking Berhad, OCBC Bank (Malaysia) Berhad and United Overseas Bank (Malaysia) Berhad at Pavilion Hotel Kuala Lumpur. The four banks are also the Joint Mandated Lead Arrangers (JMLA). The syndicated banking facilities will be utilised to finance the acquisition of the Pavilion Bukit Jalil mall. The Facility Agent and Security Agent is OCBC Bank (Malaysia) Berhad and CIMB Bank Berhad respectively.
Regal Path is a joint venture company of Malton’s wholly-owned subsidiary Khuan Choo Realty Sdn Bhd, Qatar Investment Authority’s (QIA) wholly owned subsidiary

Q PBJ Sdn Bhd, and Tan Sri Desmond Lim via his private vehicle Jelang Tegas Sdn Bhd. On 28 May 2019, the three strategic investors entered into a Subscription Agreement with Regal Path to participate in the ownership of Pavilion Bukit Jalil mall.

“Today marks a momentous milestone. The signing of this agreement will enable Regal Path to secure funding for the acquisition of Pavilion Bukit Jalil mall. We are indeed honoured and pleased with the syndicated credit facilities offered by the four banks. The syndicated credit facilities granted by all the banks underscore the lenders’ strong support and confidence in the solid partnerships and business prospects of the stakeholders involved in the Pavilion Bukit Jalil mall landmark transaction,” according to Regal Path.

“We are proud to be the key financial partners for this landmark project. We are confident that with the strategic partnership between Tan Sri Desmond Lim of Pavilion Group and Qatar Investment Authority, and leveraging on the strong expertise of Pavilion as the retail manager, Pavilion Bukit Jalil mall will be another key shopping destination for both the local community and foreign tourists alike, similar to highly successful and award-winning Pavilion KL,” according to the Joint Mandated Lead Arrangers.

“Albeit the prevailing tough market conditions, the successful closure of this billion ringgit syndication signifies the confidence by the syndicate banks in the combination of the best expertise and the able leadership of the Sponsors in delivering yet another iconic destination mall. We are confident that the Sponsors would be able to rejuvenate Bukil Jalil into an integrated cosmopolitan lifestyle development and a destination to be reckoned with in the near future,” added the Joint Mandated Lead Arrangers.
The partnership with QIA in Pavilion Bukit Jalil mall is the latest example of QIA investing in high-end, world-leading retail outlets and real estate across the globe. QIA’s participation is indeed a testimony of QIA’s confidence not just in the projects managed under ‘Pavilion’ brand, but Malaysia as a stable and high potential investment destination. The solid and long-term partnership signifies their combined efforts to drive the nation’s economy forward.

Slated for completion by March 2021, Pavilion Bukit Jalil mall being the crown jewel of Bukit Jalil City is poised to be an entertainment and retail hub in the southern corridor of Klang Valley. Tapping into the retail expertise of retail management team from Pavilion KL, an award-winning and Malaysia’s most successful mall, the Pavilion Bukit Jalil mall will feature a good mix of retailers thereby attracting a steady pool of local and international visitors.

With an estimated net lettable area of 1.8 million square feet, the iconic Pavilion Bukit Jalil mall will be one of the country’s largest regional shopping hubs that will rejuvenate Bukit Jalil into a vibrant destination for business, best-in-class shopping experience, dining, leisure and entertainment hub to both local and tourists alike. Fronting the lush Bukit Jalil recreational park, the 50-acre of prime freehold land Bukit Jalil City comprises Pavilion Bukit Jalil mall, Signature Shop Offices, The Park Sky Residence, The Park 2 and a hotel. The four-tower blocks of The Park Sky Residence, the first residential component, will be completed and delivered to purchasers by end of this year.

******

About Malton Berhad
Listed on the main board of Bursa Malaysia in 2002 under the stock code “6181”, Malton Berhad is a renowned property developer and is principally involved in Property Development, Construction and Project Management. The Group has continuously set new benchmark in creating not just harmonious community living, but to deliver sustainable value creations to its buyers across Klang Valley, Penang and Johor.

Contact Information:
Name: Irene Ang | Email: Irene.ang@malton.com.my | Tel: 03 2088-2988