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Tuesday, February 19, 2008

Hektar REIT buys mall, hotel

HEKTAR Real Estate Investment Trust is buying a shopping mall and a hotel in Muar, Johor, for RM117.5 million cash to expand its portfolio. The property is known as Wetex Parade, a mall that is 95 per cent occupied, and the 156-room Classic Hotel. The seller is Wetex Realty Sdn Bhd, Hektar said in a statement to Bursa Malaysia yesterday. Hektar will lease back the hotel to Wetex for 10 years. The property is valued by Henry Butcher at RM118 million. It will use the loans for the deal. This raises its gearing to 42 per cent.

By New Straits Times

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