Lendlease has sold stakes in its mixed-use urban project, The Exchange TRX, in the Malaysian capital of Kuala Lumpur for around A$400m (€226m) to the Valiram family, a private investor in luxury retail assets in Malaysia.
The Valiram Family Office will buy a 50% stake in the Exchange TRX retail mall and a 60% interest in the adjacent office tower.
Lendlease, which has a 30-year history in Malaysia, originally won the rights to develop the 18-hectare TRX site in 2014.
Lendlease retains a 20% in the full operational retail mall, which represented one of its largest mixed-use projects in Asia. The retail mall was completed in 2022.
The group continues to own a 60% interest in the residential land and a 60% interest in the adjacent hotel, with a combined book value of more than A$200m.
Lendlease intends to sell its remaining holdings under its capital release programme, which is targeting to recycle a further A$2bn in the current financial year as the group restructures its global businesses to focus on its home market in Australia.
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