SINGAPORE : Malaysia's infrastructure developer YTL Corp is buying a 26 per cent stake in Singapore's Macquarie Prime REIT (MP REIT).

It will also buy a 50 per cent stake in Prime REIT Management Holdings from Macquarie Bank.

Prime REIT Management is the manager of Macquarie Prime REIT.

The deals are worth a total of S$285 million.

Under the agreement, YTL will buy over 247 million units of MP REIT at 82 cents each.

That is at a 52 per cent premium over the last traded price.

YTL plans to take control of the REIT and rebrand it into Starhill Global REIT, once the deal is completed. - CNA/ms