The Exchange TRX secures RM2.15b financing

KUALA LUMPUR: The Exchange TRX has secured RM2.15 billion in financing facilities for five years from a consortium of banks.

The banks are Hongkong and Shanghai Banking Corp, Malayan Banking Bhd, Standard Chartered and Sumitomo Mitsui Banking Corp.

Formerly known as the Lifestyle Quarter, the Exchange TRX is a 17-acre mixed used development within the larger TRX development. It is being developed by a 60:40 joint venture between Australian developer Lendlease and the Finance Ministry’s wholly owned TRX City Sdn Bhd.

The Exchange TRX was launched this morning by Finance Minister Lim Guan Eng, who also witnessed the signing of the debt financing agreement.

The gross development value of the project is estimated to be in the excess of RM9 billion with TRX City’s net investment amounting to RM1.2 billion funded by land injection in to the joint venture. Lendlease will invest RM2.1 billion.

Lendlease has in its pipeline 18 major urbanisation projects across 10 cities worldwide worth AU$71 billion (RM207 billion).