Friday, 13 April 2012

Boustead-Ikano JV to develop shopping centre in KL

KUALA LUMPUR (April 13): BOUSTEAD HOLDINGS BHD [] has roped in Luxembourg-based Ikano Holding SA as a joint venture (JV) partner to acquire prime Kuala Lumpur land where both companies intend to develop and manage a shopping centre.

In a statement to the exchange on Friday, Boustead said both companies will set up an equally-owned JV entity Circuit Wealth Sdn Bhd which will acquire land from Lembaga Tabung Angkatan Tentera (LTAT).

"The proposed JV will allow Boustead to increase its portfolio of retail investment PROPERTIES [] and leverage on its expertise to jointly develop and manage a shopping centre in the Kuala Lumpur city centre location," Boustead said.

Ikano owns and runs IKEA retail outlets across South East Asia under a franchise agreement with IKEA System BV.

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