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Friday, December 2, 2011

AmFIRST REIT closes deals in Cyberjaya

PETALING JAYA: Am ARA REIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust (AmFIRST REIT), has completed its acquisition of Prima 9 and Prima 10 in Cyberjaya for RM133mil cash.

It told Bursa Malaysia that it was AmFIRST REIT's first investment in Cyberjaya, capitalising on the economic growth and vibrancy of Cyberjaya's commercial office segment. The properties were tenanted by multinationals secured against long leases, it said.

Before the acquisition, AmFIRST REIT had six properties, namely Bangunan AmBank Group, Menara AmBank and AmBank Group Leadership Centre in Kuala Lumpur as well as Menara AmFIRST in Petaling Jaya, Kelana Brem Towers in Kelana Jaya and The Summit Subang USJ in Subang Jaya with total net lettable area (NLA) of 2,311,489 sq ft as at Sept 30.

“The new acquisition will boost the total investment portfolio to eight properties and add a further 211,496 sq ft to the portfolio, representing an increase of 9% of the total NLA,” it said, adding that the acquisition posted remarkable growth in the assets under management of AmFIRST REIT by 13% from RM1.028bil as at Sept 30 to RM1.163bil.

and the gearing ratio would increase to 46.5%.

The group said these two new properties are expected to contribute an additional distributable income of 68 sen per unit on an annual basis.

By The Star

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