(Aug 14): TRX City Sdn Bhd and its joint-venture (JV) partner, Australian property outfit Lendlease Corp, are looking to raise more than RM2.5 billion ($796 million) to develop a 17-acre parcel within the 70-acre Tun Razak Exchange (TRX) project in Kuala Lumpur. The parcel is slated for a mixed-use development known as the Lifestyle Quarter.

Two sources familiar with the matter say the two JV companies are looking at two tranches of funding — the first of RM1.875 billion specifically for the retail portion of the development, and the second, RM700 million for the residential portion.

The fresh funds sought by Lendlease and TRX are more of a bridging loan to kick-start the development, considering that the duration of the financing is for only a three-year period.

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