KUALA LUMPUR: IGB Real Estate Investment Trust (IGB REIT) has announced its intention to acquire The Mall, Mid Valley Southkey (MVS Mall) in Johor Bahru for RM2.65 billion, marking a significant expansion of its retail property portfolio.
In a filing with Bursa Malaysia, IGB REIT stated that the acquisition will be undertaken by MTrustee Bhd, acting as trustee for and on behalf of IGB REIT, from Southkey Megamall Sdn Bhd.
The proposed transaction encompasses the five-storey MVS Mall, which includes a mezzanine floor, an eight-storey standalone car park and two underground parking levels, along with all operating assets, lease agreements, key contracts and related components.
The consideration of RM2.65 billion will be satisfied through a combination of RM1 billion in cash and RM1.65 billion via a new issuance of IGB REIT units.
The acquisition is not expected to have a material effect on IGB REIT’s revenue, earnings per unit or distributable income for the financial year ending 31 December 2025, as the completion of the deal is scheduled for the fourth quarter of 2025.
In a separate statement, IGB REIT said the addition of MVS Mall will strengthen its portfolio by contributing stable recurring income and offering potential for long-term growth. The mall is strategically located within the Mid Valley Southkey integrated development, a prominent economic zone in Johor Bahru.
MVS Mall boasts a robust tenant mix that includes anchor tenants such as Sogo, Village Grocer, Golden Screen Cinemas, Aurum Theatre and MVEC Exhibition Hall.
-Bernama
