Thursday, June 14, 2012

Starhill REIT to buy 3 Marriot hotels Down Under for RM1.3b

Starhill REIT to buy 3 Marriot hotels Down Under for RM1.3b

KUALA LUMPUR: YTL Corp Bhd's unit, Starhill Real Estate Investment Trust (Starhill REIT), is buying Sydney Harbour Marriott Hotel, Melbourne Marriott Hotel and Brisbane Marriott Hotel for A$415 million or RM1.31 billion.

YTL Corp managing director Tan Sri Francis Yeoh said the acquisition will increase Starhill REIT's asset value from RM1.58 billion to some RM3 billion comprising hospitality assets in Malaysia, Japan and Australia.

"Thereafter, more than half of Starhill REIT's property value will be constituted by its hotel assets in Australia and Japan, making this the largest portfolio of overseas property investments of any Malaysian REIT," Yeoh, who is also Pintar Projek Sdn Bhd chief executive officer, the manager of Starhill REIT, said in a statement yesterday.

The acquisition is expected to be funded through a combination of bank borrowings and Starhill REIT's existing cash.

Yeoh said the acquisition represents a yield-accretive opportunity for the trust, generating two income streams, stable fixed lease rentals and variable income from the three Marriott hotels, raising the potential for distribution per unit growth and variations.

The transaction is subject to approval of relevant regulators.

The Sydney Harbour Marriott Hotel is located in the heart of Sydney central business district and occupies a freehold site of 3,084 square meters.

To be purchased at A$249 million (RM789 million), it is a 33-level building with 563 guest rooms.

The Brisbane Marriott Hotel, which will be purchased at A$113 million (RM358 million), is located on the northern end of the Brisbane central business district, occupying a freehold site of 1,532 square meters.

It is a 28-level building with 267 guest rooms.

Meanwhile, the Melbourne Marriott Hotel, occupying a freehold site of 1,636 square meters, is located in the eastern section of the Melbourne central business district and is a 16-level building with 186 guest rooms.

The purchase price is A$53 million (RM168 million).

All three hotels have 5-star "AAA" tourism ratings.

In its filing to Bursa Malaysia, Starhill REIT said the proposal is set to contribute positively to its distributable income and distribution per unit for the financial year ending June 30 2013.

Publish date: 14/06/12

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