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Property News

AmanahRaya REIT to sell Cyberjaya property for RM42.5 mil

KUALA LUMPUR (June 26): AmanahRaya Real Estate Investment Trust (ARREIT) has entered into a conditional sale and purchase agreement with 4X Software Sdn Bhd for the proposed disposal of a four-storey office building in Cyberjaya, Selangor, for RM42.5 million.
In a filing with Bursa Malaysia on Wednesday, ARREIT said the proposed disposal of the property is in line with ARREIT’s investment objectives to re-balance its portfolio towards new resilient and sustainable assets.
“The manager believes that after almost eight years of owning this property, it has maximised the income-generating potential of this asset and there is limited upside for future rental growth in its current capacity being a typical office market that is currently in oversupply,” it said.
The company also said that given the favourable price of this asset sale and leveraging on the best and highest use, this is an opportune time to dispose of the property and redeploy the capital towards potential yield-accretive properties.
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Source: EdgeProp.my

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