Tycoon Li Ka-Shing's Cheung Kong Group is believed to have won a bid to buy the three TMW Asia Property Fund's shopping complexes put up for sale in Malaysia- Business Times was informed that the party would pay less than the RM500 million asking price set earlier but above the RM400 million level- Sources say that the due diligence process by the Hong Kong bidder had been completed and it was a just a matter of signing on the dotted lines- It is understood that a sale and purchase agreement will be signed very soon- International property consultant Rahim & Co was appointed as the exclusive agent to handle the tender- Real estate agent, Rahim & Co's managing director Robert Ang, when contacted by Business Times (BT) to confirm the news, declined to comment- Last month, BT reported that Cheung Kong Group had emerged as the front-runner for tender which closed on March 8 2011- The German-based TMW had put the Klang Parade in Selangor, Ipoh Parade in Perak and Seremban Parade in Negri Sembilan on sale- It acquired theassets in 2005 from the Lion Group for RM340 million- TMW is managed by Pramerica, the real estate investment management business of Prudential Inc from the US- However, it is unclear which company or fund under the Cheung Kong group is purchasing the assets- Cheung Kong helps manage AmFirst REIT in Malaysia via its affiliate ARA- ARA Asia Dragon Fund, another affiliate of Cheung Kong, bought two properties in Malaysia last year - One Mont' Kiara in Kuala Lumpur and Aeon Bandaraya Mall Melaka - for RM710 million- According to previous reports, Seremban Parade has a nett lettable area of 316,847 sq ft and sits on 1-97ha, Ipoh Parade has a nett lettable area of 594,414 sq ft on 4-14ha and Klang Parade has 696,045 sq ft of space- ...

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