Pirates are cashing out on their loots and running away! Genuine business people are leaving or have left 1Malaysia. Some have even denounced their citizenship. Looters stashing their pilfered loots from Malaysia in other countries under the pretext of global placement and involvement or whatever, but the actual fact is they have looted and now laundering it overseas to the international "black" market!
Malaysia oh Malaysia! Kenapa kau jadi satu yang tak bermakna?
Nov 19, 2009
YTL to rationalise RM8b retail, hotel assets into global REITs
KUALA LUMPUR: YTL Corp Bhd will embark on restructuring its RM8bil real estate investment trust (REIT) and its hotel portfolio.
This will rationalise the group’s retail and hotel asset portfolios by repositioning Starhill REIT as a global hospitality REIT.
It will involve the disposal of its two retail properties, Starhill Gallery and its parcels in Lot 10 to YTL Starhill Global REIT in Singapore.
“This will be followed by the injection of new hotel assets to put Starhill REIT on the path towards becoming a full-fledged international hospitality REIT,” said YTL Corporation in statement yesterday.
The disposal consideration for the retail properties is RM1.03bil that was determined based on independent valuations.
YTL Corp said after the proposed disposal, Starhill REIT would be well-positioned as a global hospitality REIT with two assets under its portfolio, namely the J.W. Marriott Hotel as well as 60 units of service apartments, four levels of commercial podiums and two levels of car parks at The Residences at the Ritz Carlton in Kuala Lumpur.
YTL Corp managing director Tan Sri Francis Yeoh Sock Ping said this exercise would restructure the RM8bil in retail and hotel assets under its control into two distinct REIT portfolios, namely the hospitality REIT in Malaysia and retail-centric REIT in Singapore.
“This will benefit both REITs in terms of pursuing growth and development strategies in terms in a single and focused class of assets.