N2N buys office tower in Bangsar South

Posted on | June 7, 2011

By BUSINESS TIMES

N2N Connect Bhd says it has entered into a sale and purchase agreement on June 3 to buy an 11-storey office building known as Block 6, The Horizon (Phase 1), Bangsar South from Bangga Istimewa Sdn Bhd for RM36 million cash.

N2N plans to borrow RM27 million, or 75 per cent, of the purchase price to pay for the building.

The remaining RM9 million, or 25 per cent, will be derived from internal funds.

N2N intends to occupy four storeys of the property for its own use and rent out the remaining floor space to third-party tenants.

It estimated the rental income to be generated at about RM1.76 million per annum based on current office rental rates of RM5 per sq ft per month.

- Malaysia Property News

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