Pavilion REIT to buy The Intermark Mall for RM160m
- buying The Intermark Mall, which forms part of The Intermark mixed-use development located at the crossroads of Jalan Ampang and Jalan Tun Razak here, for RM160 million cash, which will be fully funded through debt.
- six-storey retail building, together with 367 car par bays.
- The Intermark providing Pavilion REIT with a rental guarantee of RM15 million for three years to be held by a trustee, which will be jointly appointed by Pavilion REIT and The Intermark.
- the estimated net yield for The Intermark Mall comes to 6.1% per year, and 3% when discounting the rental guarantee.
- Occupancy rate at the three-year retail building with a net lettable area of 225,014 sq ft, stood at 74%the proposed acquisition will enlarge Pavilion REIT’s portfolio of investment properties from RM4.6 billion as at Sept 30, 2015 to RM4.8 billion.
- expects for the purchase to be completed by the end of the first quarter of 2016.
- the proposed acquisition is expected to increase the gearing of Pavilion REIT from 16% as at Sept 30, 2015 to 19%
- The manager believes that with good and improving occupancy levels of its two corporate office towers and hotel, there will be opportunities for the Intermark Mall to improve its occupancy levels by offering a wider trade mix to cater to the needs of its corporate tenants, hotel guests and nearby residents.
我从四个角度来考量这个事件
- 融资。这次的收购完全用举债的方式，所以会面对财务压力。
- 管理。原有的管理层班底还有在，人力资源上配置无需多担忧。
- 经营。有盈利，不过赚幅必须赶上利息才行，也要顾及股东。
- 财务。这次收购可以带来的一千五百万/年的收益是否使公司整体表现更好？