Malaysia’s Valiram Family Office is paying A$400 million (US$266 million) for a 40% stake in local retail mall The Exchange TRX, and 60% of an adjacent office tower.
It’s buying the shares in the properties from Australian real estate firm Lendlease. The acquisitions are expected to be completed by the first half of 2026, Lendlease says in a filing to the Australia Securities Exchange on December 22.
According to the firm, the sale is part of its “capital recycling initiatives”.
“We will continue to be highly active on capital recycling, with more than A$3 billion of transactions underway for the second half of the financial year [ending June 30, 2026],” says Tony Lombardo, chief executive officer of Lendlease.
The Exchange TRX, located in Kuala Lumpur, was opened this year and has drawn tenants including Apple, which opened its first retail store in Malaysia at the mall.
The Valiram Family Office manages the wealth of the family of Jethanand Utumal Valiram, who founded the Valiram Group in 1935.
The group started off in the textile industry and now manages more than 400 stores for brands like Michael Kors, Bath & Body Works, TWG Teas, Bally, Victoria’s Secret and Godiva. The business is now run by the founder’s three sons.
