CMA

CMA: CapitaMalls Msia Trust (CMMT) to acquire East Coast Mall in Kuantan for RM330.0m incld RM20.0m of fees and expenses. The mall has been independently valued at RM330.0m and has a forecast yield of 7.1% in 2011. CMMT’s yield is approx 6.4% based on closing price of RM1.17 on 13 June and the acquisition is expected to be yield-accretive...

The mall has a NLA of 440k sqft and is within the heart of Kuantan city centre. The acq is expected to be funded through debt and a priv placement of 299.0m CMMT units at price to be determined, approx 20% of CMMT existing units. CMA owns 41.7% of CMMT and is likely to subscribe to maintain its % of shareholdings based on history.