KLCC Property Holdings

Last updated

KLCC Property Holdings Berhad
KLCC Real Estate Investment Trust
Company type Public
MYX: 5235SS
ISIN MYL5235SS008
Industry
Founded7 February 2004;20 years ago (2004-02-07)
Headquarters
Dayabumi Complex,
Jalan Sultan Hishamuddin, Kuala Lumpur
,
Malaysia
Key people
  • Krishnan C.K. Menon (chairman)
  • Hashim Wahir (CEO)
Services
RevenueIncrease2.svg RM 08.35 billion (2020) [1]
Increase2.svg RM03.501 billion (2020) [1]
Increase2.svg RM02.516 billion (2020) [1]
Total assets Increase2.svg RM16.80 billion (2020) [1]
Total equity Increase2.svg RM13.85 billion (2020) [1]
Website www.klcc.com.my

KLCC Property Holdings Berhad (KLCCP) is a Malaysian property investment company which owns and manages office, retail and hotel properties in Kuala Lumpur, mainly in the Kuala Lumpur City Centre (KLCC) area. Among the properties owned or managed by the company and its stapled real estate investment trust are the Petronas Twin Towers (the tallest buildings in the world from 1998 to 2004), Suria KLCC, the Mandarin Oriental Kuala Lumpur and Menara Maxis.

Contents

The company, along with KLCC Real Estate Investment Trust (KLCC REIT) – which it manages – form the KLCCP Stapled Group. KLCCP shares are stapled with KLCC REIT units; the stapled securities are listed on Main Market of Bursa Malaysia Securities Berhad. The group is 75%-owned by Petronas through direct and indirect interests.

KLCCP was incorporated in 2004 as a vehicle to offer a portion of Petronas's property holdings to the public. In 2013, the company undertook a corporate restructuring, which involved the transfer of three prime real estate office properties, including the Petronas Towers, into the newly formed KLCC REIT. KLCCP Stapled Group is the largest REIT in Malaysia with a net asset value of RM12 billion in June 2015. [2]

History

The Petronas Towers and Suria KLCC at their base. Petronas Panorama II.jpg
The Petronas Towers and Suria KLCC at their base.

KLCC Property Holdings is the property investment arm of Malaysia's national oil company, Petronas. In 2004, Petronas sold a 46% interest in KLCCP in one of the largest initial public offerings in Malaysia that year. [3]

In 2013, the company undertook a corporate restructuring in which it injected the Petronas Twin Towers, Petronas Tower 3 and Menara ExxonMobil into the newly created KLCC REIT. [4] Consequently, the shares of KLCCP and units of KLCC REIT were stapled (at a ratio of 1 share for every 1.8 million units) to create the KLCCP Stapled Group. The transfer of the properties was done to take advantage of income tax exemption for earnings by a real estate investment trust in Malaysia. [5] The stapled securities were re-listed on the Main Market of Bursa Malaysia Securities Berhad in May 2013. [6] The REIT – which is sharia-compliant – is managed by KLCC REIT Management Sdn Bhd, a wholly owned subsidiary of KLCCP. [7]

The group has first right of refusal to acquiring future developments by its majority shareholder, KLCC Holdings Sdn Bhd (the 100%-owned property development subsidiary of Petronas). [8] KLCC Holdings is currently developing an office building and Fairmont Hotel with Qatari Diar REIT (Lot 185) and an office building on Lot 91 with Sapura Resources Berhad. Both are located in the KLCC area. [9]

It is also looking to redevelop the area surrounding the Dayabumi Complex, including constructing a 60-storey hotel, office and retail building known as Dayabumi. [10]

Portfolio

KLCCP Stapled Group has four main business segments: Property investment - Office, Property investment - Retail, Hotel operations, and Management services. [1]

KLCC REIT's portfolio comprises Petronas Twin Towers, Petronas Tower 3 and Menara ExxonMobil, with a combined net lettable area of 4.5 million square feet. [11]

Other properties held by KLCCP include the Dayabumi Complex on Jalan Sultan Hishamuddin, the Mandarin Oriental Kuala Lumpur (75%), the Suria KLCC shopping centre (60%) and Menara Maxis (33%). [12]

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References

  1. 1 2 3 4 5 6 Financial statements for the year ended 31 December 2014 (pdf), KLCC Property Holdings Berhad, 2014, retrieved 8 August 2015
  2. ↑ "B.14 Summary of NAV" (pdf), Unaudited interim financial statements for the six month period ended 30 June 2015, KLCC Property Holdings Berhad, 2015, retrieved 8 August 2015
  3. ↑ Burton, John (21 July 2004). "KLCC plans M$770m IPO" . Financial Times . Retrieved 8 August 2015.
  4. ↑ "KLCCP stapled group debuts on Bursa Malaysia main board". The Borneo Post. Bernama. 10 May 2013. Retrieved 8 August 2015.
  5. ↑ "KLCC Property to list Malaysia's biggest REIT in April". The Malaysian Insider . Reuters. 1 March 2013. Archived from the original on 4 March 2016. Retrieved 8 August 2015.
  6. ↑ "Malaysia's biggest ever REIT jumps 3.9 percent on debut". Reuters . 8 May 2013. Retrieved 8 August 2015.
  7. ↑ "About KLCCP: Corporate profile". KLCC Property Holdings Berhad. Retrieved 8 August 2015.
  8. ↑ "KLCC stapled looking to acquire two multi- billion ringgit assets from KLCC Holdings". Daily Express. Bernama. 18 April 2015. Retrieved 8 August 2015.
  9. ↑ Wong, Wei-Shen (3 February 2015). "Three new towers in KLCC". The Star . Retrieved 8 August 2015.
  10. ↑ Intan Farhana Zainul (18 April 2014). "KLCCP eyes RM1bil assets, plans acquisitions to boost Reit portfolio". The Star . Retrieved 8 August 2015.
  11. ↑ "About KLCC REIT: Property portfolio". KLCC Property Holdings Berhad. Retrieved 8 August 2015.
  12. ↑ "About KLCCP: Corporate structure". KLCC Property Holdings Berhad. Retrieved 8 August 2015.
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