Germany-based TMW to Sell 3 Malls in Malaysia

TMW Asia Property Fund, which is based in Germany, is selling three of its shopping complexes in Malaysia which it purchased in 2005 for an estimated RM500 million.

The shopping complexes are Ipoh Parade in Perak, Klang Parade in Selangor and Seremban Parade in Negri Sembilan.

International property consultant Rahim & Co, which has been appointed as the exclusive agent to handle the deal, declined to comment when contacted.

The fund is managed by Pramerica, the real estate investment management business of Prudential Financial Inc from the US.

It is understood that the closing date for the tender is tomorrow.

It is unclear how many bids have been submitted, but sources said that the tender had attracted interests from abroad.

The fund bought the three properties - under the operating companies Lion Klang Parade Sdn Bhd, Lion Seremban Parade Sdn Bhd and Lion Ipoh Parade Sdn Bhd - for RM340 million in 2005 from the Lion group.

According to previous reports, Seremban Parade has a nett lettable area of 316,847 sq ft and sits on 1.97ha, Ipoh Parade has a nett lettable area of 594,414 sq ft on 4.14ha, and Klang Parade has 696,045 sq ft space.

Once the tender date is closed, bids are likely to be narrowed down to a couple, before proceeding to the next stage.

By Business Times Online

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/iparade/Article/