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  Business

July 03, 2004

Half a building up for grabs at $2bn

A STAKE in the Petronas Towers, the glittering nickel-plated pinnacles of Kuala Lumpur, will be on offer next month when Malaysia’s state oil company spins off its $2 billion (£1.1 billion) real estate subsidiary KLCC Property, which owns a half share in the building.

Built almost a decade ago, the 88-floor twin towers initially proved hard to let and suffered in the Asian financial crisis. However, demand has improved for space in the towers and Petronas claims the towers are 87 per cent let.

A prospectus will be issued later this month for KLCC, and Tan Sri Mohamed Hassan Marican, chief executive of Petronas, says KLCC is looking for foreign investors as well as domestic investors.

KLCC has some $2 billion in assets including 75 per cent of the Mandarin Oriental Hotel and 60 per cent of the Suria shopping mall, both adjacent to the towers. Often wreathed in the ghostly smog that plagues South-East Asia, the 1,500ft skyscraper gained cinematic fame in the film Entrapment, in which Sean Connery and Catherine Zeta-Jones dangled from the sky bridge linking the towers.

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