KLCC Property Holdings Berhad (KLCCP) is a Malaysian

property investment Real estate investing involves purchasing, owning, managing, renting, or selling real estate to generate profit or long-term wealth. A real estate investor or entrepreneur may participate actively or passively in real estate transactions. The pr ...

company which owns and manages office, retail and hotel properties in

Kuala Lumpur Kuala Lumpur (KL), officially the Federal Territory of Kuala Lumpur, is the capital city and a Federal Territories of Malaysia, federal territory of Malaysia. It is the largest city in the country, covering an area of with a census population ...

, mainly in the

Kuala Lumpur City Centre Kuala Lumpur City Centre (KLCC) is a multipurpose development area in Kuala Lumpur, Malaysia. KLCC refers to the area within and surrounding the KLCC Park but the term has also been widely used by buildings nearby to the vicinity. Designed to ...

(KLCC) area. Among the properties owned or managed by the company and its stapled

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

are the

Petronas Twin Towers The Petronas Towers (), also known as the Petronas Twin Towers and colloquially the KLCC Twin Towers, are an interlinked pair of 88-storey supertall skyscrapers in Kuala Lumpur, Malaysia, standing at . From 1996 to 2004, they were the tall ...

(the

tallest buildings in the world This is a list of the tallest buildings. Tall buildings, such as skyscrapers, are intended here as enclosed structures with continuously occupiable floors and a height of at least . Such definition excludes non-building structures, such as tow ...

from 1998 to 2004),

Suria KLCC Suria KLCC is a 6-story shopping mall located at the foot of the Petronas Twin Towers. Suria KLCC is a premier shopping destination with over 300 flagship stores. The shopping mall is situated in Kuala Lumpur City Centre, Kuala Lumpur, Malays ...

, the

Mandarin Oriental Mandarin Oriental Hotel Group International Limited is a multinational hospitality and management group focusing on luxury hotels, resorts, and residences, with a total of 43 properties worldwide, 20 of which it either wholly or partially owns ...

Kuala Lumpur and

Menara Maxis Maxis Tower () is a 49-storey, office skyscraper in Kuala Lumpur City Centre, Kuala Lumpur, Malaysia. The tower serves as headquarters of Maxis Communications and Tanjong Plc Group of Companies. Maxis Tower was developed by KLCC Properties Ho ...

. The company, along with KLCC Real Estate Investment Trust (KLCC REIT) – which it manages – form the KLCCP Stapled Group. KLCCP shares are stapled with KLCC REIT units; the stapled securities are listed on Main Market of Bursa Malaysia Securities Berhad. The group is 75%-owned by

Petronas Petroliam Nasional Berhad, commonly known as PETRONAS (stylised in all caps), is a Malaysian Multinational corporation, multinational petroleum, oil and natural gas, gas company headquartered in Kuala Lumpur. Established in 1974, it is a lega ...

through direct and indirect interests. KLCCP was incorporated in 2004 as a vehicle to offer a portion of Petronas's property holdings to the

public In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociology, sociological concept of the ''Öf ...

. In 2013, the company undertook a corporate restructuring, which involved the transfer of three prime real estate office properties, including the Petronas Towers, into the newly formed KLCC REIT. KLCCP Stapled Group is the largest REIT in Malaysia with a

net asset value Net asset value (NAV) is the value of an entity's assets minus the value of its Liability (financial accounting), liabilities, often in relation to open-end fund, open-end, mutual fund, mutual funds, Hedge fund, hedge funds, and Venture capital, v ...

of RM12 billion in June 2015.

History

KLCC Property Holdings is the

arm of Malaysia's national oil company,

. In 2004, Petronas sold a 46% interest in KLCCP in one of the largest

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

s in Malaysia that year. In 2013, the company undertook a corporate restructuring in which it injected the

Petronas Tower 3 Petronas Tower 3, also known as Carigali Tower, is a 60-story, 267-meter-tall skyscraper in KLCC, Kuala Lumpur, Malaysia. It is Malaysia's eighth tallest building and it is also part of the Petronas Towers complex. The 246-meter high building ...

and Menara ExxonMobil into the newly created KLCC REIT. Consequently, the

shares In financial markets, a share (sometimes referred to as stock or equity) is a unit of equity ownership in the capital stock of a corporation. It can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Sha ...

of KLCCP and units of KLCC REIT were stapled (at a ratio of 1 share for every 1.8 million units) to create the KLCCP Stapled Group. The transfer of the properties was done to take advantage of income tax exemption for earnings by a

in Malaysia. The stapled securities were re-listed on the Main Market of Bursa Malaysia Securities Berhad in May 2013. The REIT – which is sharia-compliant – is managed by KLCC REIT Management Sdn Bhd, a wholly owned subsidiary of KLCCP. The group has first right of refusal to acquiring future developments by its majority shareholder, KLCC Holdings Sdn Bhd (the 100%-owned property development subsidiary of Petronas). KLCC Holdings is currently developing an office building and Fairmont Hotel with Qatari Diar REIT (Lot 185) and an office building on Lot 91 with Sapura Resources Berhad. Both are located in the KLCC area. It is also looking to redevelop the area surrounding the

Dayabumi Complex The Dayabumi Complex () is a major landmark in Kuala Lumpur, Malaysia. It houses several commercial facilities and is one of the earliest skyscrapers in the city. It was officially opened and launched on 5 May 1984 by the fourth prime minister ...

, including constructing a 60-storey hotel, office and retail building known as Dayabumi.

Portfolio

KLCCP Stapled Group has four main business segments: Property investment - Office, Property investment - Retail, Hotel operations, and Management services. KLCC REIT's portfolio comprises

and Menara ExxonMobil, with a combined net lettable area of 4.5 million square feet. Other properties held by KLCCP include the

on Jalan Sultan Hishamuddin, the

Kuala Lumpur (75%), the

shopping centre (60%) and

(33%).

References

External links

*
KLCC Property Holdings Berhad (MYX: 5089)
bursamalaysia.com {{authority control 2004 establishments in Malaysia Companies based in Kuala Lumpur Petronas Property companies of Malaysia Malaysian companies established in 2004 Real estate companies established in 2004 Companies listed on Bursa Malaysia Government-owned companies of Malaysia