The fresh funds sought by Lendlease and TRX are more of a bridging loan to kick-start the development, considering that the duration of the financing is for only a three-year period.
(Aug 14): TRX City Sdn Bhd and its joint-venture (JV) partner, Australian property outfit Lendlease Corp, are looking to raise more than RM2.5 billion ($796 million) to develop a 17-acre parcel within the 70-acre Tun Razak Exchange (TRX) project in Kuala Lumpur. The parcel is slated for a mixed-use development known as the Lifestyle Quarter.
Two sources familiar with the matter say the two JV companies are looking at two tranches of funding — the first of RM1.875 billion specifically for the retail portion of the development, and the second, RM700 million for the residential portion.
