NEWS & PRESS RELEASES


28 June 2010

Starhill REIT Completes Sale of Starhill Gallery & Lot 10 Property

Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, Chief Executive Officer of Pintar Projek Sdn Bhd, which is the Manager of Starhill REIT, said, "With the sale of Starhill Gallery and the Lot 10 Property now complete, Starhill REIT can focus on the development of its portfolio of hotel and hospitality-related assets. This next phase centres on the injection of new hotel assets into the Trust to complement its 2 existing hotel assets, which we expect to complete within a 6-month timeframe in order to normalize the REIT's earnings as soon as possible. We fully believe this rationalisation exercise will enhance Starhill REIT's yield levels and long-term growth opportunities by enlarging the pool of potential assets for acquisition and the geographic diversity of the REIT's operations from Malaysia to renowned international destinations".
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Kuala Lumpur, 28 June 2010
 
Starhill Real Estate Investment Trust ("Starhill REIT") is pleased to announce that it has today completed its sale of Starhill Gallery and the Trust's parcels in Lot 10 Shopping Center ("Retail Properties") to Starhill Global REIT in Singapore. The sale consideration of RM1.03 billion was satisfied by a cash payment of RM625.0 million and the issuance of 173.06 million convertible preference units (CPUs) in Starhill Global REIT equivalent to a principal amount of RM405.0 million.
 
Mayban Trustees Berhad, as Starhill REIT's trustee, entered into the sale and purchase agreements on 16 April 2010 with Ara Bintang Berhad, a special purpose vehicle which acquired the Retail Properties via an asset-backed securitisation exercise.    
 
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, Chief Executive Officer of Pintar Projek Sdn Bhd, which is the Manager of Starhill REIT, said, "With the sale of Starhill Gallery and the Lot 10 Property now complete, Starhill REIT can focus on the development of its portfolio of hotel and hospitality-related assets. This next phase centres on the injection of new hotel assets into the Trust to complement its 2 existing hotel assets, which we expect to complete within a 6-month timeframe in order to normalize the REIT's earnings as soon as possible. We fully believe this rationalisation exercise will enhance Starhill REIT's yield levels and long-term growth opportunities by enlarging the pool of potential assets for acquisition and the geographic diversity of the REIT's operations from Malaysia to renowned international destinations".
 
Also read this article at http://www.ytlcommunity.com/commnews/shownews.asp?newsid=54180




 
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