Macquarie Global Property Advisors of Australia has agreed to acquire City Square Centre - a mixed office-retail-hotel development - in Kuala Lumpur for US$206.5 million.
The deal, through its MGP Fund II, is conditional on it buying Plaza Ampang, which is next to City Square Centre, from a related party of the vendor, Asia Pacific Land.
The vendor in June signed a sale-and-purchase agreement to acquire Plaza Ampang for HK$124 million from Hong Kong-listed Hon Kwok Land Investment.
The sale of Plaza Ampang is not due to be finalised until the end of the year.
City Square Centre is a three-in-one development comprising the 62-storey Empire Tower office building, the 571-room Crown Princess Kuala Lumpur hotel and the 11-floor City Square Shopping Centre.
'The purchase indicates that the fund is positive on the Malaysian economy and property market,' said a spokeswoman for the fund.