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Aeon Buys Land in Malaysia for New Mall

Japanese shopping centre operator and supermarket chain Aeon is accelerating its expansion in Asia by buying land to build a new shopping mall in Malaysia.

Local sources advise the two land parcels are located in Seremban, Negeri Sembilan and cost US$21.9M. Aeon also reportedly agreed with Real Attraction Sdn Bhb to purchase a 23,045-acre site of land in Bandar Seremban Utama. According to local sources, the acquisition is part of Aeon’s strategy to grow its retail operation and expand in Seremban.

In addition, according to Aeon, 10 per cent of the acquisition price will be paid upon the signing of the SPA and will be funded internally. The remaining purchase price will to be paid through cash reserves and borrowings.

Earlier this year, at the Aeon 40th Anniversary press conference, Naoya Okada, Aeon’s Chief Operating Officer, revealed that the company planned to develop a new Aeon mall near the Malaysia International Trade and Exhibition Centre (MITEC) by the end of next year.