UOA REIT may buy 2 buildings
Posted on | March 9, 2010
By BUSINESS TIMES
UOA Real Estate Investment Trust (REIT) (5110) is considering buying two office blocks in Kuala Lumpur for RM500 million.
It received an offer from UOA Holdings, a substantial unitholder in UOA REIT, for the sale of Parcel B Menara UOA Bangsar and Wisma UOA Damansara II, priced at RM289 million and RM211 million respectively.
“The board of directors of the manager (UOA Asset Management Sdn Bhd) and OSK Trustees Bhd (trustee) will deliberate on the terms and conditions contained in the offer letters and a further announcement will be made upon completion of the deliberation,” UOA REIT said in a statement to Bursa Malaysia Bhd.
Parcel B Menara UOA Bangsar, located in Jalan Bangsar Utama 1, comprises a tower block with 15 levels of office space, three levels of retail podium, six levels of elevated car park and four levels of basement parking.
The newly completed commercial and retail property, which has a 99-year leasehold tenure, is 88.5 per cent occupied.
Wisma UOA Damansara II, located at Changkat Semantan, comprises a 16-storey office building and five levels of basement parking.
The two-year-old freehold property, used for commercial and retail purposes, is 87 per cent occupied.
The purchase of Parcel B, Menara UOA Bangsar, will involve a refundable deposit of 0.01 per cent, or RM28,900; a cash payment of RM156.03 million; and the issuance of 102.26 million new REIT units.
The purchase of Wisma UOA Damansara II will also involve a refundable deposit of 0.01 per cent, or RM21,100; a cash payment of RM113.92 million; and the issuance of 74.66 million new REIT units.
- Malaysia Property News dot net
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