KUALA LUMPUR: AmFirst Real Estate Investment Trust is acquiring two office buildings in Cyberjaya for a total of RM133 million cash, its maiden investment outside the Klang Valley.
In a statement Friday, June 10, AmFirst REIT manager Am ARA REIT Managers Sdn Bhd said the two buildings, Prima 9 and 10, were strategically located at Jalan Persiaran Apec, CyberJaya.
AmFirst REIT is acquiring the buildings from Complete Event Sdn Bhd for RM72 million and RM61 million respectively.
Am ARA REIT Managers said Prima 9 and Prima 10 were both seven-storey buildings with two levels of basement car parks, respectively.
It said the sale and purchase agreement was executed between Mayban Trustees Bhd and Complete Event today.
The acquisition of the two buildings will increase AmFIRST REIT's asset under management (AUM) by 13% to RM1.16 billion, it said.
'These two PROPERTIES [] are substantially tenanted by multi-nationals secured against long leases and is AmFIRST REIT's first maiden investment outside Klang Valley, capitalising on the economic growth and vibrancy of CyberJaya's commercial office segment as well as achieving better geographical diversification,' it said.
Am ARA REIT Managers chief executive officer Lim Yoon Peng said the new acquisition was consistent with AmFIRST REIT's growth strategy to acquire high quality assets to growth its AUM.
'This transaction will be accretive at both net property income (NPI) and distribution per unit (DPU) levels. On an annual basis, the DPU is expected to contribute 0.68 sen per unit.
'The acquisition will be funded by bank borrowings,' said Lim.
Am ARA is wholly-owned by Am ARA REIT Holdings Sdn Bhd, which in turn is 70% owned by AmInvestment Group Berhad and 30% ARA Asset Management (Malaysia) Ltd.
ARA Asset Management (Malaysia) Ltd is a wholly owned subsidiary of Singapore-based ARA AmFirst (Singapore) Pte Ltd, which in turn is a wholly owned subsidiary of Singapore listed ARA Asset Management Limited that is an affiliate of the Cheung Kong Group based in Hong Kong.
AmFIRST REIT has six properties, namely Bangunan AmBank Group, Menara AmBank Group and AmBank Group Leadership Centre in Kuala Lumpur; as well as Menara Merais in Petaling Jaya, Kelana Brem Towers in Kelana Jaya and The Summit Subang USJ in Subang Jaya.
In a statement Friday, June 10, AmFirst REIT manager Am ARA REIT Managers Sdn Bhd said the two buildings, Prima 9 and 10, were strategically located at Jalan Persiaran Apec, CyberJaya.
AmFirst REIT is acquiring the buildings from Complete Event Sdn Bhd for RM72 million and RM61 million respectively.
Am ARA REIT Managers said Prima 9 and Prima 10 were both seven-storey buildings with two levels of basement car parks, respectively.
It said the sale and purchase agreement was executed between Mayban Trustees Bhd and Complete Event today.
The acquisition of the two buildings will increase AmFIRST REIT's asset under management (AUM) by 13% to RM1.16 billion, it said.
'These two PROPERTIES [] are substantially tenanted by multi-nationals secured against long leases and is AmFIRST REIT's first maiden investment outside Klang Valley, capitalising on the economic growth and vibrancy of CyberJaya's commercial office segment as well as achieving better geographical diversification,' it said.
Am ARA REIT Managers chief executive officer Lim Yoon Peng said the new acquisition was consistent with AmFIRST REIT's growth strategy to acquire high quality assets to growth its AUM.
'This transaction will be accretive at both net property income (NPI) and distribution per unit (DPU) levels. On an annual basis, the DPU is expected to contribute 0.68 sen per unit.
'The acquisition will be funded by bank borrowings,' said Lim.
Am ARA is wholly-owned by Am ARA REIT Holdings Sdn Bhd, which in turn is 70% owned by AmInvestment Group Berhad and 30% ARA Asset Management (Malaysia) Ltd.
ARA Asset Management (Malaysia) Ltd is a wholly owned subsidiary of Singapore-based ARA AmFirst (Singapore) Pte Ltd, which in turn is a wholly owned subsidiary of Singapore listed ARA Asset Management Limited that is an affiliate of the Cheung Kong Group based in Hong Kong.
AmFIRST REIT has six properties, namely Bangunan AmBank Group, Menara AmBank Group and AmBank Group Leadership Centre in Kuala Lumpur; as well as Menara Merais in Petaling Jaya, Kelana Brem Towers in Kelana Jaya and The Summit Subang USJ in Subang Jaya.
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