Tuesday, October 18, 2011

Progressive Impact buys Shah Alam property for RM40m

KUALA LUMPUR: Progressive Impact Corp Bhd is buying a piece of industrial land in Shah Alam for RM40 million in a move to expand its operations.

It said on Tuesday, Oct 18 it was acquiring the property Bangunan BKA, measuring 5,951 sq meters together with the buildings, from Simple Hope Sdn Bhd. The building is about 13 years old.

The total built-up of the property is 237,828 square feet and the net lettable area is about 150,114 square feet.

Currently, the property is about 68%, that is 101,477 sq ft tenanted with tenancies expiring between November 2011 up to July 2013.

'PICORP estimates that it would need additional office and warehouse space to facilitate the expansion of its operations. Its current premises do not have sufficient office and warehouse space to meet with the anticipated expansion requirements.

'The proposed acquisition would allow the PICORP Group to secure immediate additional physical space for its operations to expand,' it said.

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