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Pavilion REIT cancels ownership agreement for Malaysian mall

Pavilion REIT said it decided not to participate in the ownership of the Pavilion Bukit Jalil mall being developed by a unit of Malton Bhd. in Malaysia.

The real estate company did not disclose its reason for terminating the deal it signed in August 2018, under which it was to co-own and jointly develop the one-block mall. The mall is part of the larger Bukit Jalil City project and was then valued at between 1.4 billion ringgit to 1.6 billion ringgit.

Pavilion trustee MTrustee Bhd. conveyed the decision to the project's developer, Pioneer Haven Sdn Bhd.

As of Jan. 16, US$1 was equivalent to 4.11 Malaysian ringgit.