KLCC Property Holdings Bhd has bought the remaining 40 per cent stake in Suria KLCC shopping centre for RM1.95 billion (US$412 million).

The company entered into share purchase agreements with other shareholders, namely Ocmador (Malaysia) City Retail Centre, Port Moresby Investments and Bold Peak.

Following the acquisition, Suria KLCC will become a wholly-owned subsidiary of KLCC Property.

Datuk Md Shah Mahmood, CEO of KLCC Property, said the deal will help solidify the company’s overall portfolio. He expects the acquisition to generate a yield of 6-7 per cent. 

“With a focused tenant strategy, deep data driven customer understanding and its long-term plans to revitalise the retail industry, Suria KLCC has positive long-term prospects and will be value accretive to the asset portfolio of KLCCP Stapled Group,” he remarked.

The acquisition will be funded by external borrowings and is expected to be completed by the second quarter.