SC gives nod for Starhill REIT to buy The Residences

Starhill Real Estate Investment Trust (Starhill REIT) has received approval from the Securities Commission to buy The Residences at The Ritz-Carlton, Kuala Lumpur from YTL Land Sdn Bhd (YTL Land).

The purchase consideration of RM125 million for the 60 serviced apartments, four levels of commercial podium block and two levels of basement car parks will be satisfied via the issuance of 138.9 million new units in Starhill REIT to YTL Land, at an issue price of 90 sen per unit.

The manager of Starhill REIT, ECM Libra Avenue Securities Sdn Bhd, announced that the approval from the Securities Commission was conveyed in its letter dated 14 February 2007.

The announcement also noted that unitholders’ approval for the Proposed Acquisition would be sought at a meeting of unitholders, which will be convened in due course.

Click here to view the announcement to Bursa Malaysia Securities Berhad