YTL to sell and lease back properties

YTL Corp Bhd is selling four properties to Starhill Real Estate Investment Trust (REIT) for RM472 million and leasing them back.

The properties are Cameron Highlands Resort, Hilton Niseko in Japan, Vistana Penang and Vistana Kuala Lumpur, the group said yesterday.

Apart from RM100 million cash payment, Starhill Global Real Estate Investment Trust will also issue convertible preference units at S$1 (S$1 = RM2.40) per unit.

Upon conversion of convertible preference units into Starhill Global REIT, YTL Corp's stake in the Singapore exchange-listed REIT will increase.

By Business Times