The Manager, after considering the shortfall in revenue from Atrium Shah Alam 2 and the Repairs and Rectification Costs incurred for Atrium Shah Alam 2, expects the Atrium REIT‟s financial results for 2009 to fall short of its profit projection for the financial year ending 31 December 2009 as disclosed in the prospectus dated 28 February 2007
http://announcements.bursamalaysia.com/EDM...result_2009.pdf

YTL Corp Bhd plans to embark on a restructuring of the RM8 billion real estate investment trust (REIT) and hotel portfolio under its control.

The restructuring exercise will rationalise YTL Corp's retail and hotel asset portfolio by repositioning Starhill REIT as a global hospitality REIT, said its managing director Tan Sri Francis Yeoh.

Speaking to reporters at a media briefing here today, Yeoh said this involved the disposal of its two retail properties, Starhill Gallery and its parcels in Lot 10, to YTL's Starhill Global REIT in Singapore.

It will be followed by the injection of new hotel assets to put Starhill REIT on the path towards becoming a full-fledged international hospitality REIT, he said.

According to Yeoh, the disposal consideration for the retail properties is RM1.03 billion.

The restructuring is expected to complete in six months' time, he said.

KUALA LUMPUR (Dow Jones)--YTL Corp. (4677.KU) said Wednesday that it will embark on a restructuring of its MYR8.0 billion real estate investment trust and hotel portfolio.

In a statement, the property and power firm said the restructuring exercise will involve Malaysia's Starhill REIT selling its two retail properties - Starhill Gallery and its parcels in the Lot 10 building in Kuala Lumpur - to Singapore's Starhill Global REIT (P40U.SG) for S$424.4 million.

Starhill Global will also buy the David Jones Building in Perth, Australia for S$148 million.

YTL said that Singapore-listed Starhill Global will have a portfolio size of S$2.5 billion in Singapore, Malaysia, Australia and China after the restructuring.

Following the sale, Malaysia's Starhill REIT will be "well-positioned" as a global hospitality REIT, the first such operation in the country, the company said.

Starhill REIT currently has two assets--the JW Marriott Hotel Kuala Lumpur and 60 units of serviced apartments at The Residences at The Ritz Carlton Kuala Lumpur.

YTL Corp. Managing Director Francis Yeoh said that the Malaysian REIT will eventually add other Malaysian properties like the Pangkor Laut Resort, Tanjong Jara Resort, and Ritz Carlton Hotel Kuala Lumpur to its portfolio. It will have a fund size of MYR1.6 billion, he said.

KUALA LUMPUR: Property developer Sunway City Bhd has hired RHB Investment Bank and Credit Suisse as the main coordinators for the planned listing of its real estate investment trust (REIT) in Malaysia, sources with knowledge of the deal said yesterday.

The listing of the REIT, the biggest ever in the South-East Asian country, was likely to happen in the first half of 2010 and the company may raise about RM1bil in its public offering, one of the sources told Reuters.

“The REIT will have a market capitalisation of more than RM3bil,” said one source.

Credit Suisse will act as the international global coordinator while RHB will handle all domestic issues.

Sunway City was not immediately available for comment, while RHB and Credit Suisse declined to comment.

Sunway City, valued at US$440mil, told Reuters last year that it may revive the plan to float its property assets in 2010 depending on the recovery in markets.

Sunway City said earlier this month the REIT would group at least four properties in Kuala Lumpur and one in Penang. — Reuters

http://biz.thestar.com.my/news/story.asp?f...30&sec=business