Malaysian property company Asia Pacific Land has sold three of its buildings to private equity real estate firm Macquarie Global Property Advisors for RM680 million (€144million; $185million).
“We have been waiting to enter the Malaysian market,” Macquarie managing director Simon Treacy told local reporters at the time of the sale. “We believe the current outlook for commercial property in Malaysia is favorable, with increasing demand for offices and limited new supply.”
The acquisition is Macquarie’s first in Malaysia. The Bermuda-based firm acquired the 61-story Empire Tower for RM240 million; the 28-story, 571-room Crown Princess Hotel for RM240 million; and the 11-story City Square Shopping Center for RM170 million. All of the assets are in the central Golden Triangle district of Kuala Lumpur.
The properties are reportedly in need of refurbishment and were sold below their book value of RM708 million.
Macquarie is the former Lend Lease Global Real Estate Advisors team, which associated itself with the Australian bank following a 2004 management buyout. The firm, which has offices in London, Hong Kong, Luxembourg, Seoul and Tokyo, focuses on real estate investment in Asia and Europe and has more than $3 billion in assets under management.