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Friday, January 15, 2010

AmanahRaya REIT eyes 2 properties

AmanahRaya REIT has proposed to acquire two properties valued at a total of RM227 million from Amanah Raya Bhd, as trustee for Kumpulan Wang Bersama.

The properties concerned are the six-storey Selayang Mall at Gombak for RM128 million and a 13-storey stratified office building which forms part of the Dana 1 Commercial Centre known as Dana 13 for RM99 million.

In conjunction with this, AmanahRaya REIT proposed to undertake a proposed placement of such number of new units to raise proceeds of RM119 million at an issue price to be determined later.

It also proposed to undertake an increase in the existing approved fund size of 431,553,191 units, by such number of placement units to be issued under the proposed placement.
"The proceeds arising from the proposed placement of RM119 million will be utilised to part-fund the proposed acquisitions and defray the estimated expenses relating to the proposals," AmanahRaya REIT said in a statement today.

According to the company, the proposed acquisitions are in line with its investment objective, which is to provide the unitholders with stable distribution income by acquiring yield accretive assets and good quality properties with strong recurring rental income.

"The acquisition will increase AmanahRaya REIT's total asset value from RM752.53 million to about RM1,007.49 million," it said.

It added that the acquisitions are expected to be implemented and completed between the first and second quarter of 2010.

By Bernama

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