Malaysia-based Pavilion REIT is canceling the planned issuance and listing of up to 218 million new units on Bursa Securities' main market after weighing the prevailing market price performance of the units.

The shopping center-focused real estate investment trust received a six-month extension on its completion deadline from the security commission March 28.

Proceeds from the placement were expected to fund the 580.0 million ringgit acquisition of Elite Pavilion Mall in Kuala Lumpur, which will now be fully financed using debt.

Pavilion also cited the availability of the debt funding option as a reason for the change in plans.

As of March 29, US$1 was equivalent to 3.87 Malaysian ringgit.