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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
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