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- As for the TRX Campus office, Lendlease’s exit will see Valiram hold a 60% stake, and TRX City the remaining stake.
PETALING JAYA (Dec 23): Luxury retailer Valiram family is said to be the Malaysian family office acquiring Lendlease’s 40% stake in The Exchange TRX mall and its entire 60% stake in the adjacent TRX Campus office for about RM1.1 billion, sources told The Edge.
In a statement Monday (Dec 22), Lendlease announced that it has secured a new capital partner for The Exchange TRX with an unnamed Malaysian family office acquiring stakes in the retail and office components. It said the transaction is part of Lendlease’s capital recycling programme and reflects growing investor confidence in the performance and long-term potential of the Tun Razak Exchange (TRX) precinct.
The transaction is expected to be completed in the second half of FY2026.
The Edge first reported on the Australian real estate group’s search for a partner in December 2024. Lendlease has been seeking partners since early last year, covering the mall and three undeveloped plots in TRX (Plots 1B, 1A and 2). Its total gross development value is estimated to be around RM11 billion upon completion.
The deal will leave Lendlease with a 20% stake, while the remaining 40% in The Exchange TRX mall will be held by TRX City Sdn Bhd, a wholly-owned unit of the Ministry of Finance Inc.
As for the TRX Campus office, Lendlease’s exit will see Valiram hold a 60% stake, and TRX City the remaining stake.
TRX City is the master developer of the 70-acre TRX development.
Lendlease maintains its 60% stake in the residential plots and completed hotel within the precinct.
The Exchange TRX mall, opened in 2023, has over 400 retailers across a net lettable area (NLA) of 1.3 million sq ft and in its first year of trading, the mall turned over RM2.64 billion in sales and welcomed 45 million visitors.
Key tenants include Apple’s first Malaysian retail store and national debuts of brands such as Gentle Monster, Alo Yoga and Molton Brown.
The mall was valued at approximately A$1.5 billion (RM4.3 billion), according to Australia-listed Lendlease’s 2024 annual report. Meanwhile, the eight-level boutique TRX Campus office has a net lettable area of 200,000 sq ft.
The Valiram family seems to be on an acquisition trail. In October, it bought the 519-room Impiana KLCC hotel from KLCC Holdings Sdn Bhd and Magma Group Bhd for RM315 million via Heritage Lane Sdn Bhd, which owns the hotel, where KLCC Holdings owns an 80% stake and Magma a 20% stake.
“Today’s announcement underscores confidence in the precinct’s long-term potential and growth, and the quality of assets we’ve created. Combining our sector expertise with local investment, we are well positioned to build on the precinct’s momentum and drive even greater value for customers and partners,” Lendlease’s chief executive officer of investment management Justin Gabbani in the statement.
“Investor demand remains strong for genuine mixed-use assets that generate diversified income streams and best-in-class environments for occupiers. The Exchange TRX has reshaped Kuala Lumpur’s skyline and is now firmly established as Kuala Lumpur’s pre-eminent retail, commercial and entertainment destination. Its position as arguably the market’s most desirable new address is underpinned by its scale, quality and strategic positioning within the TRX precinct,” JLL CEO of capital markets Asia-Pacific Stuart Crow said. JLL advised on the transaction.
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Lendlease divests RM1.1 bil stake in The Exchange TRX
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