Matrix Promenade Sdn Bhd, subsidiary of Eastern & Oriental Bhd (E&O), has entered a facility agreement for a syndicated term loan facility of up to RM472 million. The facility has a tenure of seven years from the date of initial drawdown, and repayment will commence on the fifth anniversary after the date of initial drawdown.

According to E&O, the facility is expected to part-finance the acquisition and development cost of properties for the group’s property investment division.

Matrix Promenade is a special purpose vehicle incorporated to raise funds to part-finance the acquisition of the land and properties as well as the development costs of four key properties located in prime areas of Klang Valley and Penang.

The four key properties are Lot 595 and Dua Annexe located within Kuala Lumpur’s Golden Triangle, and two in Penang, namely land leased to Tesco Stores and the Marina Retail precinct within Seri Tanjung Pinang.