Pavilion Real Estate Investment Trust, a Malaysian shopping mall trust part-owned by the Qatar Investment Authority, is seeking acquisitions within the country and throughout Asia to expand.
The Kuala Lumpur-based property trust, which is expected to list next month, owns the Pavilion mall and an adjacent office tower in the capital’s Bukit Bintang area, which Malaysia is developing to rival Singapore’s Orchard Road.
“We are seeking for potential investments,” said Philip Ho, chief executive officer of the manager of Pavilion REIT. “We want to manage niche-market malls. We develop and we know how to bring the tenants in.”
Pavilion REIT is expanding as it seeks to raise 700 million ringgit ($222 million) in an initial public offering in Malaysia this month. It started marketing shares to fund managers at 88 sen to 90 sen each, according to a note to investors last week.
The trust, whose mall houses retailers including Bulgari and Prada, wants to add more properties to tap on a region that’s set to outpace global growth. More than half of the 17 Asian economies tracked by Bloomberg, including Malaysia, posted growth of at least 4 percent.