By THE EDGE
Sunrise Bhd is planning to dispose of its retail lots and car park bays located in Plaza Mont’Kiara to CapitaLand Commercial Ltd (CCL) either via a direct sale or by way of issuance of asset-backed securities.
Sunrise said it had signed a memorandum of understanding with CCL on April 30 to start negotiations on the proposed transaction.
“An announcement will be made upon execution of formal agreements in due course,” it said in a statement on April 30.
CCL, formerly CapitaLand Commercial And Integrated Development Ltd, is a member of Singapore’s CapitaLand group, which is one of the largest listed real estate companies in Asia.
According to its website, CapitaLand’s real estates and hospitality portfolio spans more than 90 cities in over 20 countries.
In Malaysia, CapitaLand has a 30% stake in the 50-storey Menara Citibank office tower, and a 40% stake in a joint venture with Quill Group to develop a premier office building in KL Sentral.
CapitaLand also has a 40% stake in Quill Capita Management Sdn Bhd, the manager of Quill Capita Trust, a real estate investment trust.