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Starhill REIT to acquire The Residences at The Ritz-Carlton, Kuala Lumpur

   

Kuala Lumpur, 12 December 2006

Starhill Real Estate Investment Trust (Starhill REIT) and YTL Corporation Berhad (YTL Corp) are pleased to announce that Starhill REIT will acquire property within The Residences at The Ritz-Carlton, Kuala Lumpur comprising 60 serviced apartment units, 4 levels of commercial podium block and 2 levels of basement car parks (The Residences Property) from YTL Land Sdn Bhd, a wholly-owned subsidiary of YTL Corp.

The addition of The Residences Property will increase Starhill REITís total asset value by 10.0% to RM1.37 billion, whilst gearing will decrease by 1.31% to 13.09%, well in line with the trustís conservative debt management strategy.†The Residences Property has been independently valued at RM145 million as at 25 September 2006 by Raine & Horne International, Zaki + Partners Sdn Bhd, using the investment and comparison methods of valuation. The transaction is expected to be completed by the first quarter of 2007.

The Residences at The Ritz-Carlton, Kuala Lumpur, comprise luxury serviced apartments in a 38-storey tower block adjacent to The Ritz-Carlton, Kuala Lumpur.†Located in the heart of Kuala Lumpurís Golden Triangle, The Residence Property fully complements Starhill REITís existing property portfolio.

Commenting on the acquisition, Tan Sri Datoí (Dr) Francis Yeoh Sock Ping, CEO of Pintar Projek Sdn Bhd, the Manager of Starhill REIT, said, ďThe addition of The Residences Property presents a timely growth opportunity for Starhill REIT to increase its exposure to key urban areas in Kuala Lumpur, including the highly prized Golden Triangle. This is a yield accretive acquisition and will further diversify and enhance Starhill REITís asset base within the high-end, luxury property segment.†

ďThe acquisition of The Residences Property is also expected to enable Starhill REIT to achieve an added level of cost aggregation and efficiency through the sharing of services with, and proximity of the property to, Starhill Gallery and the JW Marriott Hotel.†These services include world-class conference facilities at the Carlton Conference Centre, spa services at the award-winning Spa Village Kuala Lumpur and the high-end food and beverage outlets at Starhill Galleryís Feast Village.Ē

The purchase consideration of RM125 million will be satisfied through the issuance of 138,888,889 new units in Starhill REIT to YTL Land Sdn Bhd, at an issue price of RM0.90 per unit, which is based on the prevailing market price of Starhill REITís units.†The purchase consideration represents a 13.79% discount to the market value of the property as YTL Land Sdn Bhd expects to benefit from future distributions from the trust as well as the potential increase in the value of its Starhill REIT units. YTL Land Sdn Bhdís total cost of investment in The Residences Property was RM94.38 million.†YTL Corp, the parent company of YTL Land Sdn Bhd, also holds, as at 30 November 2006, a 54.85% stake in Starhill REIT. The resultant unitholding of YTL Corp Group in Starhill REIT following this exercise will be 60.17%.

ABOUT THE RESIDENCES PROPERTY

The Residences Property is located within the building which operates as a luxury serviced apartment known as ďThe Residences at The Ritz-Carlton, Kuala LumpurĒ, situated adjacent to The Ritz-Carlton, Kuala Lumpur.†The remaining 54 units of residential apartments in the building are legally and beneficially owned by Megahub Development Sdn Bhd.

Serviced apartments are growing in popularity both internationally and in Kuala Lumpur. Operated and fitted in a matter similar to hotel room standards, serviced apartments provide the added advantage of hotel services with the flexibility and space of a home.

Further details of The Residences Property are as follows:

Location

:

Lot 1308, Jalan Yap Tai Chi, Seksyen 67 Off Jalan Imbi, 55100 Kuala Lumpur

Approximate age of building

:

1 year and†5 months

Gross floor area

:

23,710 sq. m.(excluding basement car park levels2 & 3)

No of car park bays

:

137

Existing use

:

Serviced apartments

Expected lease income per month

:

RM700,000

Occupancy rate

:

Average of 59% for the past 3 monthsprior to 25.09.2006

Audited net book value as at 30.06.2006

:

RM94,376,109

Land tenure

:

Freehold

Encumbrance

:

None


ABOUT STARHILL REIT

Listed on 16 December 2005 on the Main Board of Bursa Malaysia Securities Berhad, Starhill REIT's principal investment strategy is to invest in a diversified portfolio of income-producing real estate, used primarily for retail, office and hospitality purposes, with particular focus on retail and hotel properties. The primary objectives of Starhill REIT are to provide unitholders with stable cash distributions with the potential for sustainable growth, principally from the ownership of properties, and to enhance long-term unit value.

Starhill REIT currently owns 3 prime properties situated in Kuala Lumpurís Golden Triangle, namely, Starhill Gallery and the adjoining JW Marriott Hotel Kuala Lumpur, and 137 parcels and 2 accessory parcels of retail, office, storage and other spaces within Lot 10 Shopping Centre.

ABOUT PINTAR PROJEK SDN BHD

Pintar Projek Sdn Bhd (Pintar Projek) is the manager of Starhill REIT.† Pintar Projek was incorporated in 1994 and is a 70%-owned subsidiary of YTL Land Sdn Bhd, which in turn is wholly-owned subsidiary of YTL Corporation Berhad.† Its Board of Directors and key personnel comprise experienced and prominent individuals in their respective fields of expertise.

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