Malaysia Airlines is appointing CB Richard Ellis (CBRE) in association with their Malaysian partner, CH Williams, to assist with the restructuring of the sale of its globally owned portfolio.
CBRE was selected through a Request For Proposal (RFP) process and will complete this project within a specific time decided by Malaysia Airlines.
Five companies within the top listing (international and domestic) were invited to submit their RFPs and CBRE came in tops in the 5 criteria set by Malaysia Airlines, namely relevant experience, indicative price, fees, approach to sales process and strategic thinking and references.
With a single point of contact established for this purpose, Malaysia Airlines hopes to achieve maximum value in a timely manner.
Malaysia Airlines’ Head of Business Services Ms Zulaifah Abdul Ghani said “In our Business Turnaround Plan, we outlined our intention to initially focus on cash-generation, including the disposal of our non-core assets. This divestiture will help us streamline our working capital and ensure that we remain focused on our core business.”
This move is seen as a positive one for Malaysia Airlines as the restructuring of the sale will ensure that the sale provides the best returns in the respective local markets.
Malaysia Airlines’ portfolio consists of mixed residential and office buildings across, Asia Pacific (Australia, China, Hong Kong, Malaysia, Philippines, Singapore, Thailand) and Europe (United Kingdom, Holland), totaling a gross floor area of 924,348 sq.ft in 26 buildings.