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Tuesday, August 31, 2010

PKNS to enter REIT industry

PETALING JAYA: Selangor State Development Corp (PKNS) will be signing a series of agreements to mark its entry into the real estate investment trust (REIT) industry.

The signing ceremony is scheduled for Thursday. PKNS’ prime properties will be put under the PKNS REIT.

News of the company’s plan to go into the REIT business emerged last year but attempts by StarBiz to gain more information from PKNS were unfruitful.

Reports earlier had stated that PKNS was negotiating to buy a controlling stake in a listed REIT with total assets worth more than RM600mil. Its general manager, Othman Omar, declined to name the REIT.

He said PKNS wanted to enter the REIT market in order to grow. It would also enable PKNS to leverage on its stable of properties by doubling its value to over RM1bil.

It would be putting Wisma PKNS, Kompleks PKNS, the 500,000 sq ft Shah Alam City Centre mall and the Shah Alam convention centre into the REIT.

PKNS still has some 12,000 acres of landbank in Selangor, strategically located in such areas like Setia Alam, Bukit Cerakah, Gombak and Klang.

It has vast experience in mixed development comprising offices, retail, hotel and serviced apartments, having developed among others the SACC Mall in Shah Alam and Menara PKNS in Petaling Jaya.

By The Star

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