page_title: KLCC Property Holdings
section_title: History
hierarchical_section_title: KLCC Property Holdings / History
caption_attribution_description: العربية: بُرجا پتروناس التوأم في مدينة كوالالمبور بِماليزيا ليلًا. English: The Petronas Towers in Kuala Lumpur at night. Suomi: Petronasin kaksoispilvenpiirtäjät Malesian pääkaupungissa Kuala Lumpurissa. Français&#160;: Les Tours Petronas en Malaisie prises de nuit.
context_page_description: KLCC Property Holdings Berhad is a Malaysian property investment company which owns and manages office, retail and hotel properties in Kuala Lumpur, mainly in the KL City Centre area. Among the properties owned or managed by the company and its stapled real estate investment trust are the Petronas Twin Towers, Suria KLCC, the Mandarin Oriental Kuala Lumpur and Menara Maxis.
  The company, along with KLCC Real Estate Investment Trust – which it manages – form the KLCCP Stapled Group. KLCCP shares are stapled with KLCC REIT units; the stapled securities are listed on Main Market of Bursa Malaysia Securities Berhad. The group is 75%-owned by Petronas through direct and indirect interests.
  KLCCP was incorporated in 2004 as a vehicle to offer a portion of Petronas's property holdings to the public. In 2013, the company undertook a corporate restructuring, which involved the transfer of three prime real estate office properties, including the Petronas Towers, into the newly formed KLCC REIT. KLCCP Stapled Group is the largest REIT in Malaysia with a net asset value of RM12 billion in June 2015.
context_section_description: KLCC Property Holdings is the property investment arm of Malaysia's national oil company, Petronas. In 2004, Petronas sold a 46% interest in KLCCP in one of the largest initial public offerings in Malaysia that year.
  In 2013, the company undertook a corporate restructuring in which it injected the Petronas Twin Towers, Petronas Tower 3 and Menara ExxonMobil into the newly created KLCC REIT. Consequently, the shares of KLCCP and units of KLCC REIT were stapled (at a ratio of 1 share for every 1.8 million units) to create the KLCCP Stapled Group. The transfer of the properties was done to take advantage of income tax exemption for earnings by a real estate investment trust in Malaysia. The stapled securities were re-listed on the Main Market of Bursa Malaysia Securities Berhad in May 2013. The REIT – which is sharia-compliant – is managed by KLCC REIT Management Sdn Bhd, a wholly owned subsidiary of KLCCP.
  The group has first right of refusal to acquiring future developments by its majority shareholder, KLCC Holdings Sdn Bhd (the 100%-owned property development subsidiary of Petronas). KLCC Holdings is currently developing an office building and Fairmont Hotel with Qatari Diar REIT (Lot 185) and an office building on Lot 91 with Sapura Resources Berhad. Both are located in the KLCC area.
  It is also looking to redevelop the area surrounding the Dayabumi Complex, including constructing a 60-storey hotel, office and retail building.
caption: The Petronas Towers and Suria KLCC at their base.
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