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Wednesday, March 25, 2009

Am ARA assets increase by 17%

KUALA LUMPUR: The assets under management by Am ARA REIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust (AmFIRST), have increased by 17% to RM980mil from RM837mil.

In a statement yesterday, AmInvestment Bank Group said the increase followed the recent revaluation exercise undertaken on all of its investment properties.

“Subsequently, AmFIRST’s net asset value per unit has also increased to RM1.32 per unit from 99 sen (as at January 2), upon incorporation of the revaluation surplus,” it said.

Am ARA chief executive officer Lim Yoon Peng said the company had the advantage in terms of locations and would fully utilise them to further strengthen the occupancy rate and thus improving its earnings.

AmFIRST currently has six properties.

- Bangunan AmBank Group, Menara AmBank Group, AmBank Group Leadership Centre, Menara Merais, Kelana Brem Tower and the Summit Subang USJ.

By Bernama

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