Hektar REIT buys mall, hotel

Posted on | February 19, 2008

By BUSINESS TIMES

HEKTAR Real Estate Investment Trust is buying a shopping mall and a hotel in Muar, Johor, for RM117.5 million cash to expand its portfolio. The property is known as Wetex Parade, a mall that is 95 per cent occupied, and the 156-room Classic Hotel. The seller is Wetex Realty Sdn Bhd, Hektar said in a statement to Bursa Malaysia yesterday. Hektar will lease back the hotel to Wetex for 10 years. The property is valued by Henry Butcher at RM118 million. It will use the loans for the deal. This raises its gearing to 42 per cent.

You might also like

Hektar REIT buys shopping complex in Muar By THE STARKUALA LUMPUR: Hektar Real Estate Investment Trust (REIT) has acquired a shopping complex and...

Hektar REIT Q3 revenue up 22pc By BERNAMAHEKTAR Real Estate Investment Trust's (Hektar REIT) revenue for the third quarter ended September...

Shopping mall acquisition By BUSINESS TIMESHEKTAR Asset Management plans to inject a third shopping mall into the Hektar real estate...

Hektar posts net profit of RM8.5m By THE EDGEKUALA LUMPUR: Hektar Real Investment Trust (Hektar) posted a net profit of RM8.48 million...