Real estate investment firm MGPA will invest RM2 billion ($538 million; €424 million) to develop The Intermark, a mixed use project in Kuala Lumpur’s city centre.
Close to the world’s tallest twin buildings Petronas Twin Towers, The Intermark will comprise of the Intermark Mall, a retail centre; Vista Tower, a 62-storey office building; and Malaysia’s first Doubletree hotel, according to an MGPA statement.
The project will involve the redevelopment of the Empire Tower, City Square, the Crown Princess Hotel and Plaza Ampang, which MGPA Asia Fund II acquired in 2007. These properties will be integrated with Integra Tower, a new grade A office tower, which will be at least 30 storeys high, the firm said.
The investment was made out of MGPA Asia Fund II, which closed on $921 million in September 2005. The fund has acquired 35 properties across five Asian countries, in the office, retail, residential and hotel sectors. It is close to being fully invested, according to MGPA’s website.
MGPA is looking to acquire more properties in Malaysia through its Asia Fund III, Michael Wilkinson, the firm’s chief executive for Asia developments, said last month. That fund closed on $3.9 billion in June 2008.
MGPA presently manages $11 billion in assets across Europe and Asia.