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Property News

KLCC Property denies bidding for office tower in Dubai

KUALA LUMPUR (Aug 8): KLCC Property Holdings Bhd (KLCCP) has denied it is bidding for a stake in ICD Brookfield Place, a 900ft office tower in the heart of Dubai’s financial district.It was responding to a Bloomberg report on Aug 2, quoting people with knowledge of the matter, that KLCCP, along with China Investment Corp, are among potential bidders for a stake in the office tower.Bloomberg reported that ICD Brookfield Place’s owners, Brookfield Asset Management and state-owned Investment Corp of Dubai, may sell a stake of as much as 49% in the office tower, whose tenants include JPMorgan Chase & Co and Bank of America Corp.”KLCCP wishes to deny the speculation. KLCCP is not a potential bidder as reported,” said the group in a filing with Bursa Malaysia on Tuesday (Aug 8).At 2.30pm on Tuesday, KLCCP, which is part of the KLCCP Stapled Group together with KLCC Real Estate Investment Trust, saw its units trade unchanged at RM6.77, giving the stapled security a market capitalisation of RM12.22 billion.

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Source: EdgeProp.my

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