KLCC Property denies bidding for office tower in Dubai

MALAYSIA: KLCC Property Holdings Bhd (KLCCP) has denied it is bidding for a stake in ICD Brookfield Place, a 900ft office tower in the heart of Dubai’s financial district.

According to EdgeProp, KLCCP was responding to a Bloomberg report on 2 Aug, quoting people with knowledge of the matter, that KLCCP, along with China Investment Corp, are among potential bidders for a stake in the office tower.

Bloomberg reported that the proprietors of ICD Brookfield Place, namely Brookfield Asset Management and the state-owned Investment Corp of Dubai, are contemplating the divestiture of up to 49% ownership in the office complex.

Noteworthy tenants within the tower encompass esteemed institutions such as JPMorgan Chase & Co and Bank of America Corp.

“KLCCP wishes to deny the speculation. KLCCP is not a potential bidder as reported,” said the group in a filing with Bursa Malaysia on Tuesday (8 Aug).

At 5 pm of Wednesday, KLCCP, which is part of the KLCCP Stapled Group together with KLCC Real Estate Investment Trust, saw its stock traded at RM6.76, down 1 sen or 0.15%, giving the group a market capitalisation of RM12.2 billion.