NEWS & PRESS RELEASES
SC approves floatation of Starhill REIT
The proposed floatation of Starhill REIT will involve a public offering of 509.6 million units comprising institutional and retail offerings of 479.6 million units and 30 million units, respectively. In total, 1.04 billion units will be listed, with YTL Corp retaining 530.4 million units representing a 51% stake.
Starhill REIT has an approved valuation of RM1.15 billion and comprises YTL’s prime properties situated in Bukit Bintang, namely Lot 10 Shopping Centre, the newly-refurbished Starhill Gallery and the adjoining JW Marriott Hotel Kuala Lumpur. The proposed disposal of these prime properties at RM1.15 billion by YTL is expected to result in an exceptional gain on disposal of approximately RM687 million based on the net book value of these properties as at 30 June 2004.
Potential investors will benefit from the stable distributions and future growth of rental rates generated by the aforesaid properties of Starhill REIT.