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Wednesday, May 16, 2012

Hektar REIT gets SC nod to up fund size

Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust (Hektar REIT), today announced it has obtained the Securities Commission's (SC) approval for its proposal to increase its fund size and list new units on the Main Market of Bursa Malaysia Securities Bhd.

With the approval, Hektar REIT is looking to increase its fund size by up to 93.859 million units to a maximum of 413.855 million units.

Approval was also given for the valuation of two retail properties in Kedah to be acquired by Hektar REIT, it said in a statement.

The properties are Landmark Central Shopping Centre and a major portion of the Central Square Shopping Centre, which are collectively worth RM184 million, it said.

The RM181 million acquisition of both malls at a purchase consideration price will also increase REIT’s gross asset value to RM1 billion, it said.

Hektar REIT's enlarged net lettable area is expected to increase by about 52 per cent after Kedah malls proposed acquisition.

"Our next step is to meet our unitholders to obtain their approval for the proposed acquisition and rights issue through an extraordinary general meeting,” said Datuk Jaafar Abdul Hamid, Chairman and Chief Executive Officer of Hektar Asset Management Sdn Bhd.

By Bernama

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