MGPA Asia to invest more in region

KUALA LUMPUR: MGPA Asia, a real estate investment advisory company, is looking to invest more in the region with about US$1 billion (RM3.04 billion) to spend.

"We do have money to invest in the region. We are active in the region and we believe there are good opportunities in some areas and good pricing in some areas as well," MGPA chief executive officer John Saunders told reporters after signing a RM1.2 billion syndicated term loan facility for The Intermark Sdn Bhd.

MGPA has some US$1 billion (RM3.04 billion) in its MGPA Asia Fund III, which is available for investments.

MGPA Asia Fund III recently bought a 50 per cent stake in the Galleria Mall in Chengdu, China.

The Intermark - which will undertake the RM2.25 billion redevelopment of the Empire Tower, City Square, Crown Princess Hotel and Plaza Ampang - is parked under the MGPA Asia Fund II.

On whether it would look for more investments in Malaysia, Saunders said he could not give specifics and that Malaysia is a very good destination for capital.

"We are delighted with the experience we have had here both in terms of the actual construction, the process, the government regulation and of course our great funding partners and our hotel and tenancy partners. We've had a very good experience here," he said.

The loan facility will partly finance additional capital requirements for the development of Integra Tower and working capital prior to stabilisation.

The project is 50 per cent completed. The RM1.2 billion facility represents one of the largest syndications in Malaysia this year.

Maybank Investment Bank chief executive officer Tengku Zafrul said the facility will add to the depth of the ringgit syndicated loan market for 2011, which to date, stands at over RM5 billion.