logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Previous

Press Release
Interstate hotel group secures Acacia Ridge Hotel

Next

Press Release
CBRE Urban Photographer of the Year competition open for entries
  • Home
  • About CBRE
  • Media Centre
  • CBRE Secures Strategic Development Partner for Tun Razak Exchange

CBRE Secures Strategic Development Partner for Tun Razak Exchange

7 July 2014
  • Email
  • Share
  • Tweet
  • Share

Hong Kong, July 7, 2014 - CBRE, advisor to 1MDB Real Estate Sdn Bhd (1MDB RE)—a strategic development company owned by the Malaysian Government, helped select international property and infrastructure group Lend Lease as a major joint venture partner for the Lifestyle Quarter portion of Tun Razak Exchange (TRX), Kuala Lumpur’s highly anticipated financial district.

1MDB RE and Lend Lease have signed a binding agreement to work exclusively together to finalize the joint venture documentation and to commence work on the TRX Lifestyle Quarter. The selection of Lend Lease follows on from the appointment of CBRE Malaysia and CBRE Capital Advisors Asia Pacific in August of 2013 by 1MDB RE to bring in strategic development partners to co-develop TRX.

Lend Lease was chosen from a pool of international and local bidders for the Lifestyle Quarter, following invitation in December 2013 to participate as a strategic development partner in TRX. The six-month international standard process managed by CBRE encouraged innovative and value-added submissions, resulting in many leading edge and exciting proposals from global real estate investors and developers that will assist TRX in contributing towards the Malaysian government's efforts to make Kuala Lumpur a global city.

The TRX is a 70-acre mixed-use development in the heart of Kuala Lumpur which will encompass a new international financial and business district underpinned by world-class commercial, residential, retail, leisure and cultural offerings. It will also have a dedicated underground MRT station. The Lifestyle Quarter in TRX, a retail-led mixed-use development of over 17 acres comprising a hotel, three residential towers and a new retail mall seamlessly connected to TRX’s multi-layer central park and the MRT station.

The development of the Lifestyle Quarter is expected to attract up to US$1 billion (RM3.2 billion) in foreign direct investments to Malaysia. Lend Lease will be the majority shareholder in the joint venture while 1MDB RE will hold a significant stake. The TRX Lifestyle Quarter has a forecasted Gross Development Value of over US$2.5 billion (RM8 billion). Lend Lease and 1MDB RE have seen keen interest from new-to-market retail tenants and new-to-market international hotel brands.

Working hand-in-hand with 1MDB RE, CBRE Malaysia and CBRE Capital Advisors Asia Pacific led the international Expression of Interest exercise from start to end—from the preparation of marketing materials—upon which the project was marketed to qualifying bidders around the world—to leading and managing the competitive bidding process, the due diligence process and iterative negotiation processes between 1 MDB RE, shortlisted bidders and the eventual selected bidder. The scope of work also included the development of a multi-step assessment methodology for an extensive evaluation of bid documents across commercial and technical considerations.

“The bidding process was extremely competitive with some very high quality submissions. CBRE was able to assist in finding the most suitable investors from around the world because of our unique platform and collaboration between the local Malaysia team and the Capital Advisors team. It was our execution of the process—transparent, fair, well-structured and outcome-orientated, and demonstrating best-practice processes and evaluations—that encouraged more serious bidders and ensured the best outcomes,” commented Nick Crockett, Executive Director, CBRE, Capital Advisors, Asia Pacific.

“The TRX project is a landmark development for Malaysia that will establish Kuala Lumpur as a global city. We are delighted to have been able to assist the Malaysian government in taking it forward after having found the ideal match for the development of the Lifestyle Quarter,” said Christopher Boyd, Executive Chairman, for CBRE Malaysia.

“Attracting a global brand like Lend Lease is clear evidence of the potential and international appeal of TRX. We are very excited to move forward; a project of this scale will bring many spill-over benefits to the local economy,” said 1MDB Group CEO, Mohd Hazem Abd Rahman.

TRX has a development period of about 15 years, and will be built in demand-driven phases. The initial phase of construction, including the Lifestyle Quarter, is slated to commence in early 2015. TRX aims to be the best international business address in Kuala Lumpur and will bring together leading financial institutions and top global companies in one place, spurring growth in new areas for Malaysia to better compete on the global stage.

For Australian/international news or global stories, follow us on Twitter.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.au.
 

 

 

 

 

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
+61 402 465 440
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube