Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 22): Mulpha International Bhd is buying Norwest Marketown and certain surrounding lands, measuring 4.401 ha in Norwest Boulevard, Baulkham Hills NSW, Australia, for A$120 million (RM349.20 million).

It told Bursa Malaysia in a filing today that its its wholly owned subsidiary, Norwest City Pty Ltd, has entered into a contract with Norwest Marketown Pty Ltd for the said acquisition. 

"The property is located directly opposite the proposed Norwest Rail Station, which is currently under construction in the Norwest Business Park.

"It comprises Norwest Marketown Shopping Centre which houses a Coles Supermarket and 45 associated specialty stores, four buildings comprising a Shell/Coles Express Service Station, a Liquorland store, a car wash, a vacant building and a parcel of undeveloped land that is currently being used as a car park," said the group.

Mulpha said the acquisition will enhance its property development business, as the strategically located property provides substantial redevelopment opportunity.

"Pending the redevelopment of the property, the well-established tenant mix comprising many household names are also expected to enhance the group's property investment income by generating stable cashflows for the group," it said.

Mulpha expects the acquisition to contribute positively to its future earnings. It added, however, that the acquisition is expected to raise the borrowing cost of the group. 

The proposed acquisition is expected to be completed in the first quarter of 2015.

Mulpha declined 0.5 sen or 1.32% to 37.5 sen today, translating to a market capitalisation of RM800.14 million.

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