Acquisition by IGB Real Estate Investment Trust (REIT) of The Mall, Mid Valley Southkey together with related assets and rights from Southkey Megamall Sdn Bhd, a subsidiary of IGB Berhad
Advised MTrustee Berhad (in its capacity as trustee of IGB Real Estate Investment Trust (“IGB REIT”)) on its acquisition of The Mall, Mid Valley Southkey, Johor (“MVS Mall”), together with the related assets and rights from Southkey Megamall Sdn Bhd (“SMSB”), an indirect 70%-owned subsidiary of IGB Berhad (“IGB”).
The total purchase consideration of RM2.65 billion was satisfied through a combination of RM1 billion cash consideration and the balance RM1.65 billion by way of issuance and allotment of new units in IGB REIT.
Rahmat Lim & Partners also advised IGB on regulatory compliance in respect of the:
- disposal of MVS Mall, together with the related assets and rights by SMSB to IGB REIT; and
- distribution-in-specie by IGB of part of the consideration units (received from IGB REIT pursuant to the disposal) to the entitled shareholders of IGB on an entitlement date which was determined later.
Advising IGB REIT were Partners Joycelyn Ang, Livia Hong, and Zandra Tan and advising IGB was Partner Tan Yan Yan.
