MP REIT – BT

YTL buys 26% of Macquarie Prime Reit

Malaysia’s YTL Corp Bhd on Tuesday bought Macquarie Bank’s 26 per cent stake in Singapore-listed Macquarie Prime Reit for $202.6 million, a 49 per cent discount to the Reit’s net asset value.

The deal, which works out to 82 cents per unit, is at a 17 per cent premium over its 30 day volume weighted average price and 52 per cent over its last traded price.

YTL also bought over Macquarie Bank’s 50 per cent share in Prime Reit Management Holdings, the reit manager and with its stake in the Reit, will be able to control operations. The all-cash deal is valued at a total of $285 million.