Valiram Family Said to Acquire Major Stakes in The Exchange TRX, Signalling Strong Confidence in Kuala Lumpur’s Prime CBD

The Tun Razak Exchange (TRX) precinct has attracted another high-profile investor, with sources indicating that the Valiram family, a well-known name in Malaysia’s luxury retail scene, is the Malaysian family office acquiring Lendlease’s stakes in The Exchange TRX development for approximately RM1.1 billion.

The reported transaction involves Lendlease’s 40% stake in The Exchange TRX mall and its entire 60% stake in the adjacent TRX Campus office, reinforcing TRX’s position as Kuala Lumpur’s most institutionally sought-after mixed-use district. For observers of kl property trends, the deal highlights continued appetite for prime, income-generating assets in Malaysia’s core urban zones.

Lendlease Confirms New Malaysian Capital Partner for TRX Assets

In an official statement, Lendlease confirmed that it has secured a new Malaysian capital partner, described as a family office, to acquire interests in both the retail and office components of The Exchange TRX. While the company did not name the investor, market sources have identified the buyer as the Valiram family.

Lendlease said the transaction forms part of its capital recycling programme, allowing the group to redeploy capital while retaining exposure to the long-term growth of the TRX precinct. The deal is expected to be completed in the second half of FY2026, subject to customary conditions.

Post-Transaction Ownership Structure

Following completion, the ownership structure of the assets will be reshaped as follows:

The Exchange TRX Mall

• Valiram family: 40%

• TRX City Sdn Bhd (Ministry of Finance Inc): 40%

• Lendlease: 20%

TRX Campus Office

• Valiram family: 60%

• TRX City Sdn Bhd: 40%

• Lendlease: 0% (full exit)

Lendlease will continue to hold a 60% stake in the residential plots and completed hotel within the TRX precinct, maintaining a strategic presence in the broader development.

The Exchange TRX: A Proven Retail Powerhouse

Opened in 2023, The Exchange TRX mall has quickly established itself as Kuala Lumpur’s pre-eminent retail and lifestyle destination. Key performance indicators from its first year of operations include:

• Net lettable area: 1.3 million sq ft

• Retailers: Over 400

• Annual sales turnover: RM2.64 billion

• Visitors: 45 million

Anchor and flagship tenants include Apple’s first Malaysian retail store, along with regional or national debuts such as Gentle Monster, Alo Yoga and Molton Brown. According to Lendlease’s 2024 annual report, the mall was valued at approximately A$1.5 billion (RM4.3 billion).

TRX Campus Office: Boutique Commercial Offering in a Prime CBD

The TRX Campus office complements the retail component, offering an eight-level boutique office environment with a net lettable area of 200,000 sq ft. Positioned within the heart of the TRX financial district, the office asset caters to occupiers seeking premium, centrally located workspace integrated with retail, transit and lifestyle amenities.

Such mixed-use configurations are increasingly favoured by institutional investors due to their diversified income streams and resilience across market cycles.

Why TRX Continues to Attract Institutional Capital

The TRX precinct, spanning approximately 70 acres, is Malaysia’s flagship international financial district and one of the most ambitious urban regeneration projects in the country. Several factors underpin its strong investor appeal:

• Central Kuala Lumpur location with MRT connectivity

• Integrated retail, office, residential and hospitality components

• Strong government backing via the Ministry of Finance

• Limited supply of comparable large-scale mixed-use CBD assets

According to Stuart Crow, investor demand remains robust for genuine mixed-use developments that offer high-quality environments and diversified returns, with The Exchange TRX now firmly established as Kuala Lumpur’s most desirable new address.

Valiram Family’s Growing Property Footprint

The reported TRX acquisition follows other notable property investments linked to the Valiram family. Most recently, the family acquired the 519-room Impiana KLCC Hotel for RM315 million, further signalling a strategic shift toward prime, well-located real estate assets in Kuala Lumpur.

This pattern suggests a broader family office strategy focused on:

• Trophy assets

• Core urban locations

• Income-producing properties with long-term upside

Such moves align with global trends where family offices increasingly allocate capital to stabilised real estate in gateway cities.

Implications for the kl property Market

The transaction carries wider significance for the kl property landscape:

1. Reinforced confidence in TRX

Large-scale capital commitments signal strong belief in TRX’s long-term fundamentals.

2. Institutionalisation of prime retail and office assets

The Exchange TRX is increasingly viewed as a core asset suitable for long-term capital rather than short-term trading.

3. Family offices as major market players

The growing role of Malaysian family offices highlights deeper pools of domestic capital supporting urban development.

4. Benchmark for future CBD transactions

Valuations and deal structures at TRX are likely to influence pricing expectations for other prime Kuala Lumpur assets.

Conclusion: A Strategic Bet on Kuala Lumpur’s Future CBD

The reported acquisition by the Valiram family underscores growing confidence in The Exchange TRX as the centrepiece of Kuala Lumpur’s evolving financial and lifestyle district. For Lendlease, the transaction allows capital recycling while preserving exposure, and for TRX City, it brings in a committed local investor aligned with the precinct’s long-term vision.

As kl property markets continue to mature, transactions of this scale highlight the increasing importance of institutional-grade mixed-use developments in shaping the city’s next growth chapter.

For more insights on Kuala Lumpur’s prime developments, capital market activity and urban investment trends, visit klproperty.cc.