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Friday, October 19, 2007

Atrium REIT buys property

KUALA LUMPUR: Atrium Real Estate Investment Trust (REIT) has acquired an industrial building at Senai Industrial Park, Johor for RM12.5mil from Yong Jin Development Sdn Bhd.

In a filing with Bursa Malaysia, Atrium REIT said the property would be leased to Flextronics Technology (Malaysia) Sdn Bhd for five years. The tenancy which expires at the end of 2011 has the option for further five years. It said the rental income would provide Atrium REIT with an annual gross yield of about 9.6%.

The acquisition comprises 2.8 ha leasehold land expiring in 2054 and housing an electronic factory with a net lettable area of 125,173 sq ft.

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