Pavilion Real Estate Investment Trust (KLSE:PAVREIT) entered into a conditional sale and purchase agreement to acquire PAVILION BUKIT JALIL from Regal Path Sdn Bhd for MYR 2.2 billon on November 22, 2022. MYR 1.65 billion will be paid at time of completion, MYR 100 million will be paid Within 45 days from completion of rectification of defects during the Defects Rectification Period, MYR 100 million will be paid Within 30 days from receipt of the Strata Title Documents and final balance payment of MYR 400 will be paid Within 60 days of Pavilion REIT's receipt of the auditor's certification. The transaction is subjected to the consent of the State Authority and the consent of the shareholders of Regal Path. The transaction expected to be completed in the second quarter of this year. Bursa Securities had vide its letter dated 2 March 2023, resolved to approve the listing of and quotation for new Units comprising up to 600,000,000 Consideration Units to be issued pursuant to the Proposed Acquisition. As of May 2, 2023, Pavilion Real Estate Investment Trust (KLSE:PAVREIT) entered into a supplemental agreement to acquire PAVILION BUKIT JALIL from Regal Path Sdn Bhd to vary, amend and supplement certain terms of the SPA. The sale, purchase and transfer of the Property is conditional on, among others, the written confirmation from DBKL that upon completion of the SPA, DBKL will enter into the Piazza Maintenance Agreement with Pavilion REIT. On April 6, 2023, DBKL had informed Regal Path that the execution of the Piazza Maintenance Agreement is not required and DBKL has instead requested Regal Path to provide an irrevocable undertaking in respect of the Piazza take up public liability insurance in respect of the Piazza be wholly responsible for maintaining the Piazza and all costs incurred for such maintenance shall be borne solely by Regal Path, and open the Piazza for public use. if there is a sale of PBJ Mall, the new owner is to provide an irrevocable undertaking to DBKL Upon completion Pavilion REIT will be required to provide an irrevocable undertaking to DBKL. DBKL has informed Regal Path that the execution of a maintenance agreement in respect of the Link Bridges is not required.

As on May 15, 2023, all the conditions precedent as set out in the sale and purchase agreement have been fulfilled and accordingly, the agreement has become unconditional.

Pavilion Real Estate Investment Trust (KLSE:PAVREIT) completed the acquisition of PAVILION BUKIT JALIL from Regal Path Sdn Bhd on June 1, 2023.